Fairfax has revealed that overall revenue for the group is off to a negative start this financial year, as the publisher prepares to list its real estate business on the ASX.
In a trading update to shareholders, Fairfax noted that overall group revenue is down between 4 and 5 per cent since the start of the 2017-18 financial year.
Revenue from metro media has dropped 11 per cent since 1 July, while community media revenue is down 10 per cent, and Macquarie Media’s revenue has slipped 4 per cent.
On a positive note, Domain’s total revenue has grown 13 per cent so far this fiscal year, with digital revenue up 22 per cent.
However, the costs for Fairfax’s real estate business are expected to increase by 13 per cent in FY18 from the $206 million last financial year.
The figures come as Fairfax prepares to issue a separation scheme booklet to shareholders for Domain today.
In announcing its full-year results for FY17 last month, the company said it expects Domain shares to commence trading in mid to late November.
Fairfax 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.
Fairfax’s trading update also coincides with the announcement that Domain is expanding into the insurance space.
Domain Insure will launch later this year in conjunction with insurance specialist Envest, and will act as a digital solution for Domain customers seeking to meet their insurance requirements arising from buying, selling or renting property.
According to a statement by Domain, the new venture is set to offer customers “a personalised experience to access high-quality insurance products, and will work with a range of leading insurers in the industry to offer comprehensive cover and choice”.
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