Fairfax profits jump after sales
Fairfax has posted a 299% profit leap for the first half of the year bringing in $386m, driven largely by the sale of its stake in New Zealand firm Trade Me, giving the company “one of the strongest balance sheets in the sector”.
However, profits excluding these sales after tax were down $52m from the same period last year, at $83m, with revenue also falling 7.1% to $1.096bn.
The figures are the first indication of how the group is travelling since it started a painful cost-cutting program last year, and come ahead of an anticipated reveal tomorrow morning of its new compact metro mastheads.
Net debt has also been massively slashed by $717m to $197m, following pressure from major shareholders including Gina Rinehart.
CEO Greg Hywood said: “For some time we have considered it prudent to manage Fairfax Media on the basis that a significant cyclical upswing was unlikely in the near term.
“The actions we have taken to strengthen our balance sheet and transform our business have been essential, and our rogress to date is reflected in today’s result.
“While the economic environment continues to be stressed and structural change presents ongoing challenges, our overall performance is in line with expectations. Our transformation is ahead of schedule.”
He said the Metro print business ”continues to be profitable” with circulation revenue “up strongly”, stressing the development of the digital business as a key development, although regional and New Zealand groups remain challenged.
In terms of the Fairfax of the Future program it has already delivered $40m in savings, with $169m slated by the end of the financial year.
The outlook is expected to remain consistent, although the report highlights considerable volatility in the advertising markets, with second half revenues tracking around 10% lower so far.
Please login with linkedin to comment
Latest News
me&u Appoints Clementine Churchill To Head Of Marketing
me&u, Australia’s first and leading mobile ordering and payment platform, has appointed Clementine Churchill as Head of Marketing as they continue to drive rapid growth and expansion in Australia and new international markets. A highly experienced marketing leader and recognised industry thought leader, Churchill joins me&u from My Muscle Chef, one of Australia’s top rated […]
MILO Asks Fans To Compete To Win #TheMILOCup In New Campaign Via Ogilvy
MILO is on the search for Australia’s best made MILO, calling on fans to share their creations for the chance to win #TheMILOCup, via Ogilvy Sydney. This integrated campaign follows on from the success of last year’s ‘Hot v Cold’ campaign, which encouraged Aussies to settle the debate on whether MILO is best enjoyed hot […]
New ANZ Research Shows That LGBTQ+ Visual Representation Relies On Stereotypes
New research from Getty Images, a world leader in visual communications, has found that LGBTQ+ representation in ANZ remains low and stereotypical. It’s 2021 – this needs to change – especially in marketing and advertising. In partnership with GLAAD, the LGBTQ+ media advocacy organisation, Getty Images has launched a full-spectrum Guidebook in direct response to […]
Nikki Warburton Departs Audi Australia After Three Years Spent Embracing Vorsprung Durch Technik
Audi CMO Nikki Warburton has left the business. Sadly, didn't receive Sound Of Music on Blu-ray as departing gift.
Lego Announces Plans To Start Making Bricks From Old Drink Bottles
Once again the Scandinavians proving they're on it when it comes to the environment, DIY furniture & adult erotica.
NESCAFÉ Says ‘Now’s Good’ In New Work Via Saatchi & Saatchi
As any visitor to the B&T office knows, you'll get a NESCAFÉ, a Scotch finger & a rendition of Cher's "Turn Back Time".
Craig McLachlan Accused Of Groping Another Woman
Surely, serious concerns should've been raised about Craig McLachlan's behaviour when he recorded "Mona" back in 1990?
REMINDER: Entries For B&T’s Best Of The Best Awards Close Tomorrow!
Has a colleague recently won a 'I look like my cat' competition? That's the temerity required to win a Best of the Best.
More Heat For Coke’s Customisation Tool As It Bans ‘Palestine’, ‘Black Lives Matter’ And ‘Mohammed’, But Not ‘White Pride’
Coke's week from hell continues apace! However, it's primed & ready to remind Pepsi of its own 'Kendall Jenner' episode.
“You Cannot Be Serious!” New Campaign Shows Wimbledon Is A Global Force
Wimbledon kicks off NEXT Monday with high hopes the Aussie male contingent will completely embarrass us all as usual.
Marks & Spencer Confronts Traditional Classifications Of ‘Nude’ In New Underwear Range
If Marks & Spencer excels at anything it's quality underpants, Christmas puddings & white nostalgic British imperalism.
Oasis Still Flogging Back Catalogue In Schmaltzy Outing For Bank Ad
B&T says crank this Oasis-led bank ad up to full volume. At least until a colleague says "turn that f@cking shit down".
Dir David Attenborough’s Life Stories Launches On LiSTNR
Natural historian Sir David Attenborough is one of the most commanding and respected storytellers in the world and now the iconic series, David Attenborough Life Stories, is available on LiSTNR as part of SCA’s recently announced partnership with the BBC. David Attenborough Life Stories is a series of talks on the natural histories of creatures and […]
Menulog Makes Key Marketing Promotions
Menulog has doubled down on its marketing support for restaurant partners, with the promotion of Senior Marketing Manager, Rami Tamer, to a newly created role of ‘Head of Partner Marketing’, as well as the promotion of former-Blue 449 Performance Manager, Jaryd Buggins. In the new Head of Partner Marketing role, Rami will lead a team […]
Barry Drinkwater Leaves ARN Brisbane After 28 Years, Will Hand Over Reins To Alisson Longhurst
ARN has announced Barry Drinkwater will be handing over his content director reins at 97.3FM and 4KQ to respected radio executive, Alisson Longhurst. Drinkwater has had a stellar career in radio spanning more than four decades, and was acknowledged as one of Australia’s Top 20 Content Directors by Radio Today in 2020. He began his radio career […]
Why Pissed Off Customers Can Be A Brand’s Biggest Fan
Do your customers hate your guts? Don't send them faecal matter in the post says this pro, rather harness their power.
The Big Issue Celebrates 25th Anniversary With New Campaign, ’25 Years Big’, Via Town Square And Carat
Australia’s largest social enterprise is turning 25. On the anniversary of Australia’s first Big Issue magazine being sold on the steps of Melbourne’s Flinders Street Station in June 1996, Town Square has created a campaign to mark the occasion. 25 Years Big is a celebratory statement of pride, rendered in the iconic Big Issue logo […]
Australian Radio Industry Joins Global Working Group On Android Automotive
The Australian commercial radio industry has joined a global working group of broadcasters, carmakers and tech experts collaborating on the innovation of radio in Android Automotive. Android Automotive is Google’s infotainment operating system which is being built into new connected cars. Industry body Commercial Radio Australia is part of the working group, led by the […]
“Man Of The Year!” Vox-Popped Pensioner’s Heartwarming Views On Immigration Becomes Viral Smash
B&T has chosen to lead with these delightful, life-affirming words of wisdom. And let's be honest, we hate that shit.
SBS Appoints Head And Commissioning Editor Of Scripted, Boosting Drama Team
Want to feign being smarter than you really are? Well, you could watch SBS or listen to Radiohead's earlier stuff.
Amy Shark, Delta Goodrem And Guy Sebastian To Guest Host iHeart Radio’s TikTok Trending
iHeart Radio wheels out Oz music royaty in Amy, Delta & Guy. Yes, Guy's arguably more the 'Prince Andrew' of the three.
Triple M’s No Talk Day Returns To Inspire Conversation Around Men’s Mental Health
For the third consecutive year, Triple M’s No Talk Day will return on Thursday July 1 to raise awareness around men’s mental health and encourage courageous conversations on Triple M’s 45 stations across the country with support from partner Beyond Blue. From 6:00am – 6:00pm on July 1, Triple M is encouraging listeners to clear […]
Wednesday TV Wrap: With No Hard Quiz, Travel Guides Easily Wins Non-News Programming
Other than naked squash or having your privates waxed, is there anything better on a Wednesday than a night of telly?
Thrive PR Wins SodaStream Account
The farting in the Thrive PR office rises expodentially after the agency snares the SodaStream business.
72andSunny Sydney Promotes Ross Berthinussen To President Following Chris Kay’s Shock Exit
72andSunny Sydney promotes Ross Berthinussen. Again, confirms it has no plans to revert to Celsius.
Rebounding Ad Industry Sees Google Jump Up Most Valuable Brand Ranks
The latest global brand rankings are in & B&T can confirm they come with about as much shock as licking an AAA battery.
Taiwan Receives First-Ever Grand Prix In Cannes Lions Live Day Three, While Lil Nas X, Fortnite & Tinder Win Big
It's all the news from Cannes while you were sleeping, unless you're an insomniac. Then you probably know it already.
62% Of Shoppers Doing Most Of Their Purchases Online: BigCommerce And PayPal Report
Consumer shifts in how and where people buy products evolved significantly during the COVID-19 pandemic, creating new opportunities for retailers to use new channels, fulfilment strategies and payment options, according to the results of a new survey out today from BigCommerce and PayPal. While a majority of the 3,000 consumers surveyed from the United States, United Kingdom […]
From ‘Over-Contextualising’ To Updating Creative: Everything You Need To Know About Contextual Advertising
Here is EVERYTHING you need to know about contextual advertising bar the curling wand and the hot pink leg warmers.
New Talent Agency, Liquorice Plants Roots In NZ
The brainchild of co-founders Gina Williams-Folau (main photo) and Greer Bland, the talent agency Liquorice was born out of a desire to make things easier for brand managers. Liquorice offers social talent for brands wanting to hit the sweet spot with Kiwi audiences. Launching with a roster of big names on board including Millie Elder-Holmes, Athena […]
