Broadcasting and publishing group Pacific Star Network released its annual results yesterday. Group revenues were $23.98m, up 15% from $20.86m last year. Net profit after tax was $1.09m after a loss of $79,000 in the previous year.
Melbourne-based Pacific Star owns the licences for AM Melbourne sports radio station SEN 1116 and music station 1377MyMP plus also the DAB+ radio brands Aussie, Kool and Rythmos.
In recent times it also acquired the Morrison Media stable of magazines which includes the titles frankie and Smith Journal and the group also publishes Inside Football magazine. The 2015/16 figures represent the first full year of trading for the acquired Morrison Media titles. Since acquiring those titles, Pacific Star has closed Surfing Life magazine and scaled down its Gold Coast office.
The Pacific Star board said yesterday it was hoping to be awarded AFL radio rights for a further six years. The company recently appointed Cathy Thomas to run the radio division.
The radio division generated revenue of $14.49m (+ $100,000 YOY) while publishing generated $9.32m.