Seven West Media Unveils $116M Profit In Half Years Amid “Positive Signs Of Recovery”
Seven West Media Limited has reported a statutory net profit after income tax of $116.4 million on group revenue of $644.2 million to December 26 2020.
Underlying net profit after tax (excluding significant items) was $86.6 million, an increase of 26.5 per cent on the previous year. Underlying EBITDA of $165.7 million and EBIT of $151.7 million increased 24.4 per cent and 29.4 per cent respectively versus the prior corresponding period.
Highlights of today’s numbers included:
- Underlying Group EBIT of $152 million, up 29 per cent year-on-year
- $170 million gross cost out on track with a further $30 million cash savings identified
- Operating expenses declined 18 per cent to $480 million (excluding D&A)
- Net debt reduced 42 per cent to $329 million, a decrease of $241 million vs 1H20;$150 million of debt retired post half year end
- The metropolitan free-to-air TV advertising market increased 0.6 per cent during the half witha strong recovery in the December quarter (up 17 per cent)
- Secured #1 position in broadcast and BVOD audience share with revenue share gainsto follow
- Seven’s digital revenue grew 73 per cent year-on-year, driven by BVOD market growth of44 per cent and eight percentage points in share gains during the half
Seven West Media managing director and CEO, James Warburton (main photo), said: “This has been a very big year for Seven, with several major milestones achieved as we continue to re-position the business.
“Our new content strategy is firing, with a significantly improved ratings share and a more attractive demographic profile. We secured the leading share of audiences in broadcast and BVOD in the half. Our new tent poles are delivering on average 75 per cent more audience than the old content strategy. This will translate to higher revenue share in the coming 12 months.
“The market is showing positive signs of recovery with strong growth in the second quarter and forward bookings are looking positive for the third quarter.
“These strong operating performances have been delivered after a radical transformation of the cost base. The $170 million gross cost out remains on track and we have identified another $30 million of cash savings.
“At WAN, the team has undertaken a significant transformation, accelerating digital growth, cutting operating costs and executing a strategy to stabilise earnings and generate cash.
“Improving Seven West Media’s balance sheet has been one of our company’s key objectives over the past 12 months.
“We have made significant progress in addressing this, with a 42 per cent reduction in net debt year on year – ahead of our plan at the beginning of the financial year. We have also retired $150 million of debt since the end of the half year.
“This significantly improved financial position has provided us greater optionality in our asset sale processes to ensure we maximise value for our shareholders,” he said.
Latest News
Canva Unveils Enterprise Era With Powerful New Workplace Products Debuted At Canva Create
At its first international Canva Create event in Los Angeles today, Canva, the world’s only all-in-one visual communication platform, accelerated its focus on the enterprise, debuting the platform’s biggest overhaul in a decade alongside a range of new workplace products and services poised to redefine the way millions of people work. Lead image: Canva Founders […]
Who are Australia’s top media suits? B&T’s Best Of The Best Media Agency Leaders – Holding Co
B&T wishes it could pick the order of the list by challenging entrants to a media agency version of It's A Knockout.
Worksafe Helps Young Workers Recognise When Things Feel A Bit ‘umm…’ Via Sickdogwolfman
New Worksafe campaign targets the 15-24s. It really needs to target drive-thru workers who always give you cold fries.
Olympians Front “Find Their Drive” Novated Lease Australia Campaign
Novated leasing is an excellent cost saving option... something professional athletes worry about daily, we're sure.
HoopsFest Basketball Extravaganza To Hit Western Australia
Hoopsfest promises the "ultimate fusion of basketball, music & culture". And lots of people acting like Americans.
Shooting For 2027: Why Woolies & Suncorp Are Investing BIG In Netball
As wonderful as it is to see the Matilda's achievements, it's arguably left netball with a pursed lip & furrowed brow.
TV Ratings (23/05/2024): AFL Takes Home Thursday Night Footy Crown!
We're a third of the way through the footy season & it's around about now you realise your team has zero chance in 2024.
Nine Appoints Jo Barton As Director Of Sales – Sydney
Nine promotes Jo Barton to Sydney director of sales. However, is prepared to travel as far as Wollongong.
Susie O’Neill Swaps The Pool Deck For DJ Decks For Nova
Nova threw quite the party in Brisbane last night. So far, no one sheepishly summoned to HR this morning.
“Decide What Success Looks Like For You; Don’t Let Anyone Else Decide For You”: Lorraine Woods On The Importance Of Charting Your Own Path
Atomic 212º's Lorraine Woods chats Women in Media & imparts top career advice. Stays mum on her favourite quiche type.
Vistar Media & ChinaDOOH Bring Programmatic DOOH To Mainland China
Vistar Media unveils its expansion into China. Thankfully no one has mentioned the new nuclear submarines as yet.
Australian Agency Signs APAC Deal With Data-Driven Platform To Remove Bias In The Sports & Entertainment Decision-Making Process
New platform set to "remove the bias" in sports & entertainment marketing. Just not in lawn bowls' bias.
Adland Leaders Launch Pembleton: A Clubhouse For Creative Ideas
Pembleton's a "clubhouse for creative ideas". Yet it could be a synth band from Düsseldorf judging by the press photo.
Dwyane Wade “Toasts” To The Finals In New 2024 NBA Finals Campaign
The NBA finals are upon us and it certainly doesn't muster the gravitas in Australia as its Super Bowl contemporary.
Year13 Launches Virtual Work Experience Program
Call B&T old fashioned, but virtual work experience? How do students clean the fridge and do the vacuuming?
Taskmaster’s Tom Cashman Reveals Why He Is More Relaxed This Season
B&T's chatting with Taskmaster's Tom Cashman who's under strict instructions not to be funnier than the host.
QMS Put Brands Up In Lights For Vivid Sydney 2024
That's right, Vivid is back. Want dinner a reservation in the city? Think again!
A Current Affair EP Fiona Dear Appointed Nine Director Of News & Current Affairs
Nine's new director of news & current affairs has strict instructions to keep badly behaved staff out of the headlines.
Cashrewards: A Decade Strong!
Cashrewards' CEO muses on the company's 10 year anniversary. Still refusing to answer questions about a possible party.
Gold Artifacts Give Clues To Apple Music’s 100 Best Albums
Nothing stirs debate quite like a ubiquitous 100 best albums list. Nor pits the Xs against the Ys.
Chook & HOYTS Celebrate Webby Honouree Recognition At The Australian Web Awards
Chook sounds like the bloke who brings the half-time oranges to the footy but, as you'll read here, it's far greater.
Salesforce’s Bobby Jania: AI Has Flipped Marketing Campaigns On Their Head
B&T on the ground at this year's Salesforce conference in Chicago. Also finding it nothing at all like the musical.
Network 10 Axes Gladiators
Alas, 10's Gladiators has gone as quickly as it came. Should make for a very wild garage sale, however.
Élysée Collective Sydney Team Expansion & Growing Roster Of Global Luxury Clients
The PR agency adds a number of luxury clients to its roster. More proof of what accents in your name can seriously do.
Hard-hitting Local And Global News Kept Australians Hooked Through April, Says Ipsos
Research finds Aussies "hooked" by hard hitting news in April. B&T currently revisiting our MAFS archives for evidence.
Weber Shandwick Australia Promotes Angela Malkin, Bolstering Leadership Team
There's so much movement at Weber Shandwick today, B&T suspects it triggered the earthquake in Goulburn today.
Scaleup Mediafund Third Funding Round Of $15m Completes First Two Deals
On occasions, B&T does serious business news like this. Which you should expect from an alleged business site.
Modern, Inclusive & Personal: Skincare Brand E45 Reveals New Brand Identity
Has your job given you sags, bags and wrinkles where you least need them? This moisturiser news may be of assistance.
Man Eating Avo With Spoon At AFL Kicks Off Thinkerbell & Hort Innovation Creative Partnership
Mums clearly failing to get kids to eat their veggies as Thinkerbell named creative agency for produce purveyor Hort.
All Opinions Matter: Clems Gives A Voice To Dying Patients
B&T warns this article deals with sombre issues such as the end of life. It's not for those looking for sombrero issues.
Watch Out Influencers, Podfluencers Are On The Rise: Spotify Unveils New Global Podcast Trends Tour
If COVID gave us anything it's a massive increase in podcasting & a renewed appreciation for lavatory rolls.
MG3 Hybrid Is Ready To Hit The Road With ELLE
Chinese motor marque MG teams with Are's flagship fashion brand Elle. Just don't expect sheepskin carseat covers.
CHEP Network Promotes Tash Johnson To National Head Of Integrated Production
Let Tash Johnson's promotion be proof of the value of talent & hard work. Although there's more humour in demotions.
“Connection” Study Reveals What Brands Can Learn From Changes In Human Connection
Aussie pollies might be readying to give social media a kicking, but this new study says we should save the brickbats.
CJ Media Serves Up Australian Open For South Korean Viewers
Deal will see South Koreans enjoying the Oz Open until 2027. Or not enjoying it given the lack of South Korean players.
TV Ratings (22/05/2024): MasterChef Constestants Channel Their Inner Uni Students With Microwave Challenge
The much-maligned microwave stars in MasterChef overnight. B&T hoping to see the return of the fondue set anytime soon.