SEN drives PNW earnings growth
It is the season for half-yearly financial results for the publicly listed radio groups, with the latest being the Pacific Star Network (PNW).
PNW are a relatively small group owning SEN, the Melbourne sports station, they are a joint venture partner in Melbourne talk station MTR, and have recently acquired ‘Inside Football’ magazine.
For the six months to 31 December 2011 PNW reported EBITDA of $ 0.962m, up 30% on pcp. Revenues of $ 7.497m were up 10% on pcp, whilst operating expenses increased 7% to $ 6.632m.
SEN is clearly the business unit driving the financial performance of PNW, having booked revenues of $6.7m and profit (before management expenses) of $ 1.055m for the half-year. The financial results include only the one month of Inside Football's earnings as the transaction was completed on 1 December 2011.
PNW purchased Inside Football for consideration of $0.795m.
Notably, the board of PNW have chosen not to impair the value of the MTR license, commenting that they believe the value of the license to be at least equal to it’s carrying value.
Tuesday 28 February will see the half-year financial results reported for Southern Cross Austereo, and the Prime Media Group who operate the Prime Radio Network in Queensland.