Broadcaster HT&E posted a full year loss of $42.5 million as the pandemic disrupted the advertising market.
Revenue fell 22% to $197.3 million in the year to December.
But the comany says it has emerged from 2020 a stronger business by strengthening its core radio operations, investing in digital audio growth,and maintaining balance sheet strength with net cash of $112 million.
ARN saw strong growth in digital listening with +19% rise in iHeartRadio registered users, and also launched the iHeartRadio Podcast Network which is now the number one podcast publisher with more than 16 million downloads a month.
“Despite the extraordinary disruption to our business due to the pandemic, ARN maintained its position as the #1 metropolitan network in Australia, and continued to take commercial market share,” says CEO Ciaran Davis.
“What we achieved in 2020 demonstrates HT&E’s leadership in the Australian audio market. In a year that has rewritten history, Australian audiences have made ARN and iHeartRadio podcast brands the number one choice for audio content, delivering consistency and certainty for our commercial clients.
“I am confident that the momentum that we have built will continue in 2021 as we focus on creating the leading audio entertainment business in Australia.
“Coming out of the pandemic we are in an excellent position to drive shareholder value. We have protected earnings and cash reserves providing a very strong balance sheet and maximum optionality regarding our growth opportunities.”
ARN’s March quarter revenue outlook continues to strengthen with current pacing indicating total revenues could finish flat on the same three months last year.
Revenue for January finished back 6.9% with pacing improving on this result for February, assisted by continued improvements in our broadcast radio performance and growth across digital assets.
The company says it is encouraged by early briefing activity for April and Q2 campaigns.
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