APN News & Media Limited has released its full year results for 2015, posting a full-year loss.
Group revenue was up 1% to $850.0m (down 1% on a constant currency basis), but APN’s radio operations were the best performers in the company portfolio.
The company says it plans to sell its regional newspapers to improve profits.
Financial highlights include:
- EBITDA up 1% to $166.2m driven by ARN market outperformance
- Net profit after tax impacted by higher tax expense
- Non-cash impairment charge of $50.8m against ARM mastheads
- Cash flow of $78.2m reduces leverage to 2.74 times
- As per dividend policy, no dividend will be paid for 2015
The Australian radio market was up five per cent in January and ARN continued to take share.
The radio division was the best performer in the year, lifting revenue 22 percent to A$221 million for a 25 percent gain in earnings to A$82.8 million.
Chairman Peter Cosgrove told the Australian Business Review “Each business has its own opportunities and challenges. Our focus is to prioritise strategic investments on growth areas within the portfolio to deliver the greatest shareholder return,”
You can view full results here.