Fairfax Media today has announced full-year financial results posting a new profit of 83.2 million after tax, surpassing estimates.
Chief Executive and Managing Director Greg Hywood said:
“Fairfax has today reported top line growth for continuing businesses for a full year for the first time in eight years. Overall revenue grew 0.3%, a key driver of which was the 45% increase in Domain Group revenue.
“As we foreshadowed a year ago, we are investing in our growth businesses and ventures which include Domain, Life Media & Events, as well as Stan. A total of $ 39 million in additional growth related operating expenses was introduced in FY15, which together with the impact of acquisitions lifted Group operating expenses by 0.5%.”
So how did the radio arm pull up after the Macquarie Fairfax merger this year?
“Our Radio asset, which now takes the form of a 54.5% shareholding in Macquarie Radio Network, benefited from the reverse takeover by MRN,” Mr Hywood said.
“Cost synergies commenced in FY15. The business is on track to achieve targeted $10 million to $15 million in annualised benefits in FY16. MRN is well positioned to derive revenue synergies from the establishment of a genuine national network with the number one stations in Sydney and Melbourne.
“As MRN indicated this week, it expects FY16 EBITDA will be in the range between $20 million and $25 million.”
The full media release is available here.
While the 2015 Annual Report can be read here.
Corporate waffle but not much substance on the radio results.
Without the profit powerhouse of 96FM, radio results for Fairfax would have suffered.
4BC/BH are in a low rating mess, 2UE sadly would not be writing many dollars, so the results are not bright once again due to poor vision of management.