Seven West Media Reports Statutory Net Profit Of $149.2m

Seven West Media Reports Statutory Net Profit Of $149.2m

Multi-platform media business, Seven West Media, has reported the company’s financial results for the 2013-2014 financial year.

B&T Magazine
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Seven West Media delivers profit growth, slightly ahead of guidance. Television secures a record, market leading advertising revenue share of 40.5 per cent as broadcast television strengthens leadership.

Television EBITDA margin improves with EBITDA growth of 12 per cent in the second half.

Despite challenges in the sector, publishing businesses increase market share, out-performing peers. Cost reduction initiatives achieved as company continues significant investment in content to drive home market leadership.

2014 Group Financial Year Highlights:

  • Net profit after tax (excluding significant items) up 4.9 per cent to $236.2 million.
  • Group revenue declined 1.1 per cent to $1,861.8 million.
  • Total operating expenses reduced 0.4 per cent to $1,453.6 million.
  • Group EBITDA margin of 25 per cent with strong operating cash flows (excluding interest and tax) of over $400 million.
  • Final dividend of 6 cents per share (fully franked) declared, taking total dividends to shareholders over past twelve months to 12 cents (fully franked).

Commenting, the chief executive officer of Seven West Media, Tim Worner, said: “This is a positive result in challenging market conditions. It underlines our strength as an integrated media company across broadcast television, publishing and new forms of digital delivery. We are delivering leadership in broadcast television and our publishing businesses continue to outperform their peers.

“Our objective is leadership in content delivery across our media platforms. We are making significant progress in putting in place the architecture for our future development, building our businesses and advancing our presence in new forms of distribution.

“We will invest in our content to drive home leadership, but we are committed to continue to manage costs and if that means making tough decisions on content, we will. We are committed to delivering for our shareholders.”

Seven West Media reports a statutory net profit after income tax of $149.2 million. In the prior corresponding 2012-2013 financial year, the company reported a statutory net loss of $69.8 million.