Ten Network Holdings has halved its annual loss to $156.8 million, and praised its deal with MCN for a 7.5 per cent lift in TV revenue.
The company revealed in a statement to shareholders this morning that much of the loss over the 12 months to 31 August was largely due to a $135.2 million impairment charge on its TV licences.
But despite posting a pretty big full-year loss, Ten’s TV revenue was up 7.5 per cent to $676.4 million, which included 19.6 per cent growth from its online catch-up and streaming service, Tenplay.
Ten’s overall revenue rose by 5.4 per cent to $689.5 million over the 12-month period, while its EBITDA was at $4.5 million (compared to $12 million during the previous corresponding period).
The results also showed that Ten’s revenue market share grew by 2.2 points to 24 per cent, while its commercial TV audience share for its main channel increased by 1.1 per cent, and its share of the 25 to 54 age group was at 29.5 per cent – the best result for the network since 2012.
Ten CEO Paul Anderson said the past year has been a period of considerable change and steady progress for the company, noting that its arrangement with MCN has been “an outstanding success”.
“Ten and MCN have driven revenue growth despite soft conditions in advertising markets, with the company’s revenue growth tracking well ahead of the market and revenue share in line with our expectations,” he said.
“In July this year, Ten achieved its 17th consecutive month of year-on-year revenue and
revenue share growth.
“Our content strategy is working, with Ten increasing its audiences on television and across online and social media platforms. We continue to invest in differentiated content in a disciplined manner and we now have a domestic content schedule across the entire year, bookended by the KFC Big Bash League.”