Broadcaster ARN posted a 22% drop to $29.5 million in net profit in the year to December with challenging economic conditions impacting consumer confidence and demand for advertising.
Revenue was down 1% to 334.3 million.
Metro advertising revenues finished back 5%. Growth in digital audio, up 36% to $19.8 million, contributed to reducing the overall revenue shortfall.
“While we are dealing with uncertain economic conditions which are impacting advertising spend across the entire media industry, ARN Media is well positioned for 2024," says CEO Ciaran Davis.
"Following our review of operations we are confident we can identify and deliver further efficiencies across the business.”
ARN says January metro, regional and digital revenues were all up on the same time in 2023 and delivered market share gains.
March quarter total revenue is pacing 1% ahead of the prior comparative period with radio revenues down 2% but offset by digital audio revenues pacing ahead by around 35%.
The company expects to deliver $6.5 million of the $10 million two-year permanent cost-out program.
In 2024, ARN is targeting total people and operating cost growth of 2% to 4% with "short term levers available" should market conditions deteriorate.
The year to December 2023:
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.