Fairfax has announced another round of product reviews in a bid to make more savings as CEO Greg Hywood admitted they are expecting group revenues to be 10% lower than last year.
The company is looking at earnings before interest, tax, depreciation and amortization of between $129-$135m for the second half of the year, with earnings due to be reported in August.
But Hywood (pictured) stressed: “Before speculation runs rampant let me make one thing clear. We do not have any intention to reduce the frequency of print publication of any of our major mastheads in the future. Why? Because they are profitable.”
The announcement came as the company claimed to have found $60m in additional savings by the end of September, as well as $251m in annualized savings set out in the Fairfax of the Future plan launched nearly a year ago.
Detailing the “pretty rough“ conditions Hywood pointed to Metro Media and regional being 11% down, New Zealand 4% behind, while Broadcasting including the Fairfax Radio Network has improved by 10% and Domain is up 16%.