Seven West Media has reported an almost 14 per cent drop in first-half of FY18-19 earnings and profit thanks to lower advertising revenue.
A fall in ad evenue across all of Seven West Media’s assets, including its television network, newspaper, and magazines has been attributed to a decline in TV advertising, digital advertising pressure and publishing advertising.
Seven West Media MD and CEO Tim Worner said: “We promised to improve our ratings and revenue share this half as we focused on the core and we have delivered, despite a softer second quarter advertising market.
“We continue to transform our operating model at pace, driving greater cost efficiencies and increasing our group cost out targets. We absorbed the new cricket costs, maintaining a flat cost base in the half.
“At the same time growth in new revenue streams is outstripping our expectations with 7plus, 7Studios and our investment portfolio all delivering strong growth.
The television broadcaster an publisher, controlled by Kerry Stokes, has forecast annual underlying earnings before interest and tax growth of flat to five per cent, increasing its cost savings target to $30-40 million.
Seven’s net profit dropped to $86.2 million for the six months to December 29, down from a restated $100 million for the same period a year earlier.
First-half underlying EBIT fell 4 per cent to $146.8 million, hurt by a 1.5 per cent fall in revenue to $797.4 million.
Seven West Media owns TV network Seven and also publishes The West Australian newspaper and other magazines including Marie Claire, New Idea and Men’s Health.
Seven revised its annual cost savings target guidance to $20-30 million in November from its initial target of $10-$20 million.
Union, WPP AUNZ’s bespoke national group model created to service Bankwest, has launched a new national brand campaign for the visual-style terms and conditions the financial institution developed with the University of WA in a bid to make T&Cs more engaging for customers. Bankwest has rolled out visual terms and conditions for its Bankwest Easy […]
Adland doesn't appear to function much before 11am, so it's hats off to these early birds who had to set the alarm.
The first ever web series to be funded by both Screen Australia and Film Victoria for TikTok, will launch on May 17. Produced by Hayley Adams and Michelle Melky, and directed by Logan Mucha, Scattered is a new queer drama comprised of 38 x 1-minute daily eps. It follows three best friends, Jules, Sami and […]
Schwartz Media will extend its audio offering with a new culture podcast. Building on the success of its flagship daily news podcast 7am, and it’s growing arts and culture coverage, Schwartz Media is launching new podcast The Culture at the end of the month. Award-winning journalist, editor of 7am and pop-culture obsessive Osman Faruqi will […]
Building a connection with existing customers is just as integral to any marketing strategy as winning new ones, but how do we turn customers into spokespeople for our brands? By Peggy de Lange, VP of international expansion at Fiverr It’s a well-known rule of thumb that it costs 5-times more to get a new customer […]
In the next instalment of the ‘Proudly Ordinary’ campaign for Tooheys Extra Dry, Lion and 72andSunny continue their partnership with work from Vice and Aaron Gocs (Gocsy). Gocsy is a beloved icon of Australian outsider comedy who creates content for Vice and his own broadcast channels. As part of the highly successful ‘Proudly Ordinary’ brand […]