ASX to fall; Dow -0.2pc S&P 500 flat Nasdaq +0.6pc; Spot gold +0.5pc;Brent crude +0.7pc; Ahead: Ansell BHP Dexus Elmo Software GWA Group Seven West. Media; Sims
A robust TV advertising market has driven a strong result for Seven West Media in the first half of the financial year, with revenue and earnings rising sharply. The company’s revenue from ordinary activities rose 27 per cent to $818.
4 million while net profit firmed 3.2 per cent to $120.5 million. Group EBITDA was up 30.5 per cent to $215.3 million. Seven West said the total TV advertising market was robust, with metropolitan TV up 13 per cent, regional TV up 7.2 per cent and BVOD up 58 per cent. “This result reflects the successful execution of our strategy over the past 30 months. We have a television network that has returned to the #1 position in a robust advertising market; a fast-growing digital business that now makes up 35 per cent of earnings; a turnaround at WAN; and a team focused on growth,” said Seven West Media managing director and chief executive James Warburton. “We have completed the acquisition of the assets of Prime Media Group, which unlocks an unrivalled opportunity for the business to capture a greater share of the $3.8 billion total television market.” Seven West upgraded its full-year group EBITDA guidance to between $315 million and $325 million. It had previously said it would exceed EBITDA of $260 million by between 7 and 10 per cent.
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