.Channel7's parent company SevenWestMedia has released its results reporting its strongest financial position in over a decade. The company's profit is up 60 percent on the previous year. $SWM 7NEWS
Seven West Media will buy back up to 10 per cent of the company’s shares, after announcing a boost in revenue to $1.5 billion for the 2021/22 financial year.Managing Director and Chief Executive Officer James Warburton told investors on Tuesday the company was in its strongest financial position in a decade, thanks to the acquisition of Prime Media Group and growth in online on-demand service 7plus.
“7plus has outperformed the BVOD market, growing 57 per cent year-on-year in a market that increased 47 per cent,” he added.Seven Network “Last year’s Olympic Games Tokyo 2020 provided a strong launch pad for Seven’s 2022 financial year content line-up, which included the #1 entertainment program of the year –The Voice – SAS Australia, Dancing With The Stars: All Stars, The Voice Generations, the AFL Final Series , Bathurst 1000, the Ashes Cricket Test Series and Beijing Winter Olympics, which reached 14 million viewers across broadcast and 7plus,” Mr Warburton said.
“The past year has seen SWM emerge as one of the best performing and fastest growing companies in the Australian media sector, and we are well-placed to continue that growth and build on our leadership position.