After three years as the Macquarie Media’s chief operating officer, Adam Lang has been promoted to CEO.
Russell Tate, who has been executive chairman (effectively chairman and CEO) of both Macquarie Radio and Macquarie Media since 2008, announced that following the appointment of Lang (pictured above) he would scale back his executive role for the remainder of FY18.
Tate will assume the role of non-executive chairman at Macquarie from the start of July.
Macquarie’s executive team changes coincide with the radio company’s half-yearly results, in which it reported a net profit of $4.86 million – 39 per cent lower than the first half of FY17. However, it’s underlying net profit grew 11 per cent to $8.62 million.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 32 per to $9.24 million, but Macquarie’s underlying EBIDTA rose by 21 per cent to $16.1 million.
Commenting on the results, Tate said Macquarie has continued to realise cost saving and efficiency opportunities across the business, but has also seen strong and sustained growth in its core radio revenues from late in the first quarter of FY18.
“Accordingly, the outlook for the second half is quite positive and we will continue to explore new opportunities for revenue generation from our core radio output, particularly in the digital space where we will be trialling new initiatives during the second half.”
Tate said the radio network will also complete an operational review of its Talking Lifestyle format, which was introduced onto Macquarie’s 2UE station in Sydney in September 2016, and subsequently networked into its Magic music stations in Melbourne and Brisbane last year.
“The ratings performance of these stations, particularly in Melbourne and Brisbane, has not met expectations in the first half of FY18,” he said.
“These stations contributed to 7 per cent of MML core radio revenues in HY18, and any format changes will not materially impact FY18 earnings.”