Network Ten has posted a 12..1% dive in revenue in the TV network’s results for the first quarter of the financial year.
Group revenue was $292.3 million, and group earning before interest, tax, amortisation and depreciation was $91.6 million, down 25.2% quarter on quarter.
TV revenue at the company was $244.8 million, down from $278.4 million in the same period last year.
Speaking at Ten Holdings’ annual general meeting today, executive chairman Nick Falloon said: “As we flagged at our full year results in October, the revenue market continues to be challenging and visibility remains short across the sector. Ten Holdings is not immune from this tough economic operating environment.”
He added that the tough conditions had lead to cost cutting: “A comprehensive cost review has been conducted across the group in recent months and the results of this review have been implemented.”
Ten Holdings’ outdoor company Eye is also “realising significant savings in operating costs,” he said, though revenue from the division was broadly in line with the previous year at $47.5m.
“For Eye, the out-of-home market continues to be impacted by the prevailing economic factors, particularly in the international markets of the United Kingdom and USA. The Eye team is reviewing all segments of the operations.”
Despite the fall in revenue Falloon insisted the TV network was in a “sound position” in ratings. “We delivered a highly competitive position in the key 18-49 demographic, and we are committed to building further on that offering. For the eighth year running, Ten was the leader in 16-39s. Ten also continues to hold the network lead in daytime in all key demographics.”
