Nine Entertainment reported a 15% lift to $2.688 billion in full year revenue, buoyed by a "resilient" advertising market
Net profit after tax was 35% higher at $373.5 million for the 12 months to June.
Broadcast revenue (Nine Network, 9Now, Nine Radio) was up 10% to $1.372 billion.
The company declared a 33% increase in dividends to a record fully franked 7 cents a share and a buy-back of up to 10% of issued capital,
The media group says the new financial year started on a positive note: "Across all of our advertising-driven businesses, total television, publishing and radio, we are confident that, in FY23, our advertising revenues will grow more strongly than the underlying markets in which they operate."
For the September quarter, total Television revenues are expected to grow in the high single digits, driven by growth in both linear and streaming.
Nine’s Metro free to air revenue is expected to be up in the low-to-mid single digits. 9Now continues its growth trajectory, with more than 30% revenue growth expected in the September.
Nine is expecting the half year to December to hit group EBITDA of $380m -$400m.
CEO Mike Sneesby: “Across Nine, our team has remained focused on the things that matter most. We have continued to make key programming decisions, through the Total Television lens, across broadcast and streaming, and this has resulted in growth in revenue and profitability, and audiences across a number of our key programs.
"At Stan, we have continued to grow ARPU and revenues, and have remained clearly profitable, and cash flow positive, notwithstanding key investments in Sport, Events and Original content.
"In Radio, we have refocused and strengthened our underlying business while building our audiences, most notably our Digital audiences – 27% of our listeners used a digital device to access our content during the June half.
"And we have reset the profitability of our Publishing business, growing audience reach and subscribers through targeted investment in the product. I would like to thank and congratulate the team at Nine on this exceptional result. They have focused on the priorities that drive revenue and growth opportunities across the business, while remaining disciplined in cost management.
"Whilst broader economic factors are beginning to impact some areas of the market, Nine’s strong competitive position and balance sheet stands us in good stead. We have successfully diversified our earnings base, with more than 30% of our revenue now from subscription and licensing.
"Moreover, across all of our advertising-based businesses, we are confident that we will continue to grow our share, reflecting our content and distribution capabilities, as well as our focused approach to sales and the associated use of our extensive data pool. We expect any market softness will create opportunities for Nine to further strengthen its position."
At streaming platform Stan, revenue was up 22% to $381.2 million. Subscribers now more than 2.5 million and "strong" growth in Stan Sport.
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