Fairfax release financials

Fairfax Media has released its final annual report to the market, confirming the previously released financial results. 

In the report, Fairfax make the following commentary on the radio division;

"Radio experienced a decline in revenue of 6% in the 2014 financial year. The total metro radio advertising market grew 2% during that same period.

New programming line-ups were put in place at five of the seven stations in the second half of the 2014 financial year.

Management has been implementing changes to strengthen the position of the business. Sales teams have been restructured to have a national focus resulting in changes to three out of four of the sales leadership teams.

Melbourne’s 3AW and 96fm in Perth continued to have strong ratings and audience share."

The topline revenue and EBIT for the overall company for FY14 and FT13, including radio, are shown below.