Macquarie Media’s Revenue Takes a Hit
It’s company reporting season and the first out of the blocks is Macquarie Media, who have released their results for the half year to December 2015.
It’s their first full report since the merger with Fairfax Media’s radio assets on April 1 last year, and revenue has fallen. Macquarie Media posted a 9% fall in half year revenue to $66.83 million, the combined revenues of Fairfax Network and Macquarie Network prior to their merge was $73.7 million.
Macquarie Media Executive Chairman Russell Tate said: “I am confident of achieving our full year earnings (EBITDA) guidance in the range of $20 – $25 million. Our sales force has undergone massive change in both personnel and approach to the market and we are now starting to see the benefit of those changes in year-on-year revenue increases. We continue to fine tune our operating structures and personnel and we will realise further significant savings in operating costs.”
EBITDA for the period was $12m, an increase of 126% over the combined results in the prior period. With NPAT at $6.6m, this represented an increase of 175% over the prior year combined figure.
A fully franked interim dividend of 2 cents per share was declared.