Seven has posted its half-year results, revealing a statutory net loss after tax of $67 million.
Revenue across the half-year fell -3.2 per cent to $772.4 million and excluding significant items, profit for the last six months compared to the previous year was down -22.5 per cent to $69.3 million.
EBITDA of $136.6 million and EBIT of $119.7 million were down -20.1 per cent and -20.8 per cent respectively versus the prior corresponding period.
According to Seven, its half-year results were affected by impairment costs relating to TV, including TV license and other items to the tune of $165.5 million.
The broadcaster said its strategy to transform the group “continues at pace, but in the face of a difficult operating environment with challenging advertising market conditions.”
Seven CEO and MD James Warburton said: “Over the last six months, we have executed on a number of major strategic initiatives, including the investment in our new content strategy for our primetime entertainment schedule which commences in April; a major re-organization and cost out plan delivering
$45 million of gross savings; the divestment of Redwave; and proposed sale of Pacific Magazines.”
He added that “working down debt remains a key priority” for the broadcaster.
Looking forward, Warburton said the broadcaster will continue to “be creative” and “apply entrepreneurial thinking.”
“My mandate is to dramatically change the business which means transformative M&A opportunities are very
much on the agenda,” he said.
“I believe we have the team, the platform and the strategy to transform and grow this business to increase shareholder value.”