Macquarie’s Revenue Jumps 53%, Despite Being Down Since Fairfax Radio Merger
Revenue for media company Macquarie Media Limited has increased 53 per cent for the last six months of 2015. However, this is down nine per cent from the separate revenue figures from Macquarie and Fairfax Radio Network the same time in 2014. The two merged in April 2015.
In dollar figures, the revenue for Macquarie Media Limited was at $66.83 million for the second half of 2015. The same time in 2014 saw a combined revenue of Macquarie and Fairfax at $73.7 million.
Earnings before interest tax depreciation and amortisation (EBITDA) for the six months was at $12 million, a whopping 126 per cent increase from the previous year when combining the figures of both companies.
It’s the first lot of full half-yearly results since the merger, and since Macquarie rebranded to Macquarie Media Limited, and while executive chairman Russell Tate said he was disappointed with the results, the money the company saved from the merger helped keep in line with expectations.
“I am confident of achieving our full year earnings (EBITDA) guidance in the range of $20-$25 million,” Tate said in a statement to the Australian Securities Exchange (ESX).
“Our sales force has undergone massive change in both personnel and approach to the market and we are now starting to see the benefit of those changes in year on year revenue increases.
“We continue to fine tune our operating structures and personnel, and we will realise further significant savings in operations costs.”
The merger of the companies in April 2015 saw Fairfax Radio Network effectively take a stake of 55 per cent of the company, with reports at the time suggesting the deal was worth around $200 million.
The deal included many of the station’s biggest radio shows, such as 2GB with Alan Jones and 2UE Ray Hadley
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