Radio booms for APN

APN, the company behind ARN, iHeartRadio and in New Zealand NZME held their AGM this morning.

The radio side of the business now delivers almost 50% of APN’s revenue pie, up from 26% to 47% for 2014.

APN’s overall results saw net profit after tax jump 25% to $74.7 Million. While EBITDA grew 1% to $164.1 million.

APN CEO Michael Miller stated:“In 2014, ARN was, without question, the standout performer in the Australian media industry”

“While the Australian metropolitan radio market grew three percent in 2014, ARN revenues grew by 18 percent. Second half revenues were up 28 percent compared to only 5 percent growth across the metropolitan radio market.”

APN’s direction for their Australian radio operations was clear:

“Following its success in Sydney and its number one positions in Adelaide and Brisbane, ARN is now focused on improving its performance in the competitive Melbourne radio market and the national drive slot”, said Michael Miller

For their New Zealand operations, NZME is on track with the merging of their various business under the one roof.

“The plan to co-locate the three businesses in November this year is on track to deliver more synergies and increase sales collaborations” ,said Michael Miller

With that NZME is gunning for $15 million in cost savings in the medium term.

You can view the entire presentation here.