Fairfax Reveals Revenue Drop Ahead Of Domain Listing

Fairfax Reveals Revenue Drop Ahead Of Domain Listing

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”.




Please login with linkedin to comment

Domain Fairfax Fairfax Media

Latest News

The Mars Agency Announces Latest Findings Of Retail Media Report Card
  • Advertising

The Mars Agency Announces Latest Findings Of Retail Media Report Card

The Mars Agency has developed a scorecard that assesses the capabilities of leading platforms across key criteria required to optimally plan, execute, and measure effective retail media programs. The scorecard aims To help brands efficiently evaluate their spending options across retail media networks in Australia (and New Zealand). With spending on retail media advertising in […]

TV Ratings (27/03/2024): Jungle Members At War Over Concealed Lipstick
  • TV Ratings

TV Ratings (27/03/2024): Jungle Members At War Over Concealed Lipstick

A heated argument between two jungle members did the numbers for Ten last night, with I’m A Celeb obtaining a total national reach of 1,282,000. Fans were delighted as Candice Warner and influencer Skye Wheatley got into it over a stick of lipstick, leading Warner to dub the Instagram star “selfish.” Wheatley, best known for […]