APN look for growth

APN, the operators of ARN, have today held their annual shareholders meeting.

CEO Brett Chenoweth, in a lengthy opening statement, told the meeting:

"The natural disasters in our key markets, together with some of the toughest economic conditions Australia and New Zealand have seen in years, set the tone for a difficult 2011.

Further, our position in New Zealand means our results are strongly affected by the New Zealand economy, which remains subdued".

"The CEO's of our publishing, radio, outdoor and digital businesses are working with their teams to continually improve our media assets (and to) win in their respective sectors".

In the results announced to shareholders today, APN have noted the following:

• In 2011, ARN revenue growth was up 5%, whereas its markets were up 0.9%.

• In 2011's final survey ARN moved to #1 25-54 in Adelaide, and #2 in all other markets.

• TRN revenue has increased by 4%, whilst its markets have increased by 2%.

• In the most recent New Zealand ratings, TRN held three of the top five rating networks including the number one group nationally, Newstalk ZB.

The stated objectives for ARN in 2012 are to continue to increase market share, and to win the 25-54 demographic. In Q1/ YOY the ARN (revenue) market share has increased from 20.4% to 22.1%.

In significant news this week for APN the joint venture between Quadrant Private Equity and APN Outdoor was formally established. The business will target expansion in outdoor in Australia, New Zealand and Asia.

The advantage to the ARN and TRN stations are attractive, with unsold inventory, distressed inventory and 'mates rates' likely to flow through the radio group from its sister outdoor company.