Fairfax Media has reported an $83.9 million profit for the last financial year despite its revenue from print advertising continuing to decline.
The company’s profit result is a big turnaround from the $893.5 million net loss it posted in FY16.
However, the results also showed that Fairfax’s overall revenue fell 4.8 per cent to $1.74 billion in the 12 months to 30 June 2017, while its earnings before interest tax, depreciation and amortisation were down 4.3 per cent to $271.1 million.
Furthermore, advertising revenue for Fairfax’s metro publishing division – which includes The Sydney Morning Herald, The Age and The Australian Financial Review – was down 17 per cent.
Fairfax’s real estate arm, Domain, experienced an 8.1 per cent rise in revenue to $320.3 million during FY17, with digital revenue up 18.8 per cent, while print ad revenue was down 12 per cent.
Meanwhile, Fairfax’s SVOD joint venture with Nine, Stan, is witnessing 150 per cent year-on-year growth in subscription revenue, with close to 800,000 active subscribers.
“Today’s result shows Fairfax is in great shape,” CEO Greg Hywood said in a statement to shareholders.
“We have delivered strong value for shareholders through growth and transformation initiatives. The strategy we commenced five years ago has successfully maximised cash flows of our publishing assets, and with that, built growth businesses in Domain and Stan.
“Our three publishing businesses are modern, cost-efficient and sustainable across digital and print. In the context of the global structural change impacting upon the media industry, the fact that our publications remain profitable and sustainable is an outstanding achievement.”
Fairfax also revealed that it plans to retain 60 per cent of Domain once it is listed separately on the ASX, with the remaining 40 per cent to go to Fairfax shareholders.
The company expects Domain shares to commence trading in mid to late November, while Nick Falloon has been elected chairman of the real estate business.
Australian Prime Minister Anthony Albanese said Meta’s decision to stop paying for Australian news is “not the Australian way” and that he is “very concerned” about the announcement. Meta today confirmed it will walk away from funding Aussie journalism once the current content deals expire in what is a significant blow to Australia’s largest publishers. […]
The Australian media industry has responded to Meta’s decision to walk away from funding Aussie journalism once the current content deals expire. In a blow to local media outlets, Meta said it will not enter negotiations to extend deals to pay Australian media companies for the news that appears on its platforms. Michael Miller, News […]
Free TV has said that today’s announcement by Meta that it will not be renewing any of the deals struck with Australian media companies for use of news content on its platforms should be met with swift action by the government. Meta today revealed it will walk away from funding Aussie journalism once the current content […]
NOVA Entertainment has today announced the launch of a refreshed brand identity for FIVEAA, Adelaide’s premier commercial talkback station. The forward-looking brand refresh reflects FIVEAA’s new lineup and vision while paying homage to the station’s previous logo and rich heritage. Built upon the new tagline of Always Adelaide, the new direction celebrates the ‘AA’ branding […]
Australian social and content marketing workflow platform Fabulate has won big at the industry’s annual AiMCO Awards, taking out the highly competitive Best Influencer Marketing Technology Service category. Lead image: Fabulate team at Aimco Awards The win saw the start up platform, which has a team of around 50, receive the industry recognition against competitor […]
Australia’s newest transformative TV technology, Hubbl, will be on sale from March 10 in Harvey Norman and JB Hi-Fi retail stores nationally and via Hubbl.com.au. Lead Image: Foxtel CEO Patrick Delany at Hubbl Launch. Also from March 10, Hubbl will unveil a national advertising campaign starring brand ambassadors Hamish Blake and Andy Lee. The multi-channel […]
Marking a historic moment, THE LUME Melbourne will welcome original pages from Leonardo da Vinci’s Codex Atlanticus to Australian shores for the first time, as they touch down on March 9, before going on display to the public from March 16, when Leonardo da Vinci – 500 Years of Genius presented by Webuild opens to […]
Eyeota, a Dun & Bradstreet company and a global source of data for digital marketing, have selected Proximic by Comscore, a leading provider of audience and content targeting solutions for programmatic activation, as its preferred partner for making its full taxonomy of audience segments available for contextual cookieless targeting.