Seven West Media reported revenue down 5% to $1.415 billion for the year to June, in a soft advertising market.
Statutory net profit after tax dropped 69% to $45 million. Underlying net profit after tax, after excluding significant items was down 46% to $78 million.
The media group plans to accelerate cost cutting following $25 million of savings in the half year to June.
Seven says the Olympics contributed to TV market growth for July and August;.
However, September and October bookings currently down 4% to 5% compared to the same time last year.
Cricket bookings tracking up 11% versus same time last year.
CEO Jeff Howard described the result as a tough one in a challenging market.
“The continued weak economic environment contributed to an 8.2% decline in the total TV advertising market.
"SWM was able to partially offset this decline by increasing our revenue share of the total TV market to 40.2%.
"This share growth was built on the targeted content investments made.
"The group was able to partially offset these investments through the implementation of $25 million of cost reductions."
He said Seven delivered a 40.2% revenue share of the total TV market, a gain of 1.7 share points.
Seven’s TV revenue fell by 6% during the year to $1.24 billion, largely reflecting a 7% drop in advertising. Costs of $1.068 billion were 2% higher, driven mainly by increases in content but offset by a year-on-year decline in sport costs.
Full year to June 2024:
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