Nine Entertainment has used its annual general meeting this morning to flag a better than expected start to 2018.
AAP is reporting that Nine CEO Hugh Marks that revenue and market share for the network have both performed well.
Nine has arguably been the dominate network in the later half of 2017 with strong showings and advertiser support from shows such as The Block and its surprise hit Australian Ninja Warrior.
And judging by its recent Upfronts, it will be more of the same next year from the broadcaster as it inferred most of 2017’s schedule would be repeated.
Marks told the AGM today that the ad market for the first half of 2017/18 had been a the upper end of previous earnings guidance, while good ratings had lifted Nine’s share of the metro TV ad market above 39 per cent, compared to its expectations of 37.5 per cent.
He added that the second half expectations had not changed and said full-year earnings were expected to be in the upper end of forecasts of between $204 million to $230 million. Nine’s shares were immediately up 1.7 per cent to $1.53 on receipt of this morning’s news.
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