Reshaped Fairfax Media reports revenue flat, profits down

Fairfax Media chief executive and managing director Greg Hywood has trumpeted today's release of its full-year results of proof of the success of the transformation of the business in recent years. "The stable top-line revenue and EBITDA make it clear we have reshaped this company into a high-value, broadly based, digital-rich business.

"The flat top line is despite an 11% decline in group publishing revenue in the second half. Digital and non-print earnings now constitute more than 40% of Fairfax earnings. On current trends, next year this will be closer to 60%, reflecting the continued growth in digital and non-print earnings."