HT&E, owner of ARN, has announced strong recovery in their half year results.
Total revenue increased by 21 per cent from the same period last year, reaching $109.9 million, while EBITDA has a 55 per cent increase to $30.4 million.
Underlying EBIT was $23.7 million, a 139 per cent increased, and total net cash was $122 million.
The data indicates strong bounce back from the company after difficulties for the radio industry in 2020.
Significantly, ARN’s KIIS breakfast show Kyle & Jackie O made radio history earlier this year. They knocked 2GB off the top of Sydney’s breakfast ratings for the first time in nearly two decades.
In an interview with B&T earlier this month, HT&E’s CEO Ciaran Davis (pictured) said, “when lockdowns first happened in April of last year, there was a perception out there that radio listening was all happening in the car, as people were commuting to and from the office. What we saw was a large amount of cancellations in April in May for radio campaigns for the rest of the year, which meant we were starting again, if you like, from a booking revenue perspective.”
“What really happened is that radio listening increased and improved. People were spending longer listening to the radio because it was a form of information, but more importantly, it was a form of communication with communities that people felt connected to.”
HT&E’s chairman Hamish McLennan said in a statement, “the business has performed strongly, delivering materially higher revenues, with the balance sheet providing significant optionality with net cash of over $122.4 million at 30 June 2021, and debt facilities with undrawn limits of $251.0 million.
“With advertising markets strengthening in Australia and Hong Kong, HT&E’s results have given us the confidence to invest in strengthening our core broadcast radio and digital audio business to accelerate growth.”
