Seven’s revenue for the first half of the current financial year is pacing down about 6.5%.
In an update to the company's AGM, Seven said trading had been mixed, reflecting the impact of the Olympics.
When adjusting for one-off events, such as the FIFA Women’s World Cup and the Paris Olympics, the company estimates Seven’s underlying first half revenue will be about 1% lower than the same time last year.
"This has been powered by strong content on Seven and 7plus and, in particular, premium sports content including the AFL Finals and cricket which will continue through the year," said CEO Jeff Howard.
Seven was on track to deliver full year net cost reduction of $20 million to $30 million.
"I’m excited about the opportunities that lie before us," Howard said.
"Our focus is on delivering exceptional content, engaging our audiences, creating and delivering valuable connections. This will drive our digital future and underpin sustainable growth."
Seven reported revenue down 5% to $1.415 billion for the year to June. 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.
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