Here, There & Everywhere (HT&E) – formerly APN News & Media – has posted significant revenue growth for the first half of the 2017 calendar year, but the results were not so good for its radio division.
On a statutory basis, revenue rose 75 per cent to $225.7 million in the six months to 30 June 2017, compared to $129.1 million in the prior corresponding period.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 28 per cent to $46.0 million, and net profit after tax and before amortisation attributable to shareholders was up 108 per cent to $22.0 million.
Total revenue and income for its out-of-home business, Adshel, rose by 14 per cent to $105 million, and EBITDA increased by 23 per cent to $22.2 million.
In Australia, Adshel experienced growth of 9.2 per cent, compared with market growth of 6.4 per cent.
Despite improved ratings, HT&E noted that overall revenue performance for Australian Radio Network (ARN) has been disappointing in a soft advertising market with limited visibility that was down 1.6 per cent.
ARN revenues fell 6 per cent to $105.3 million over the first half of 2017, while costs were flat.
HT&E also noted that radio has maintained a focused cost management program, and while investment in talent and digital assets have meant increased costs of $4.5 million, these have been largely offset by operating cost savings and cost of sales reductions on lower revenue.
Commenting on the results, HT&E chief executive and managing director Ciaran Davis (pictured above) said that while the radio result was “disappointing”, it remains a very robust sector with consistent year-on-year audience and revenue growth.
“The medium remains highly attractive to advertisers due to its immediacy, its ability to integrate content across multiple platforms, but most importantly, its effectiveness at delivering results for advertisers,” he said.
“ARN’s growth over the past five years has been built on strong audience success, and our ability to efficiently monetise this audience better than anyone else.