APN revenues fall but Adshel is a bright spot
APN News & Media’s annual results for 2012 show the company’s regional publishing interests took a major hit, but the company did better in radio, and its joint venture Adshel had a storming year.
The announcement came days after the resignation of CEO Brett Chenoweth, chairman Peter Hunt and three other directors.
The company’s regional media businesses saw a 10% drop in revenues to $248.8m. Its radio interestss – held through its joint ownership of Australian Radio Network was up by 5% in revenue.
The company’s outdoor interests saw a 58% drop in revenue to APN News and Media. However this was in most part due to its sale of 50% of APN Outdoor.
Adhsel – owned jointly with Clear Channel – was a much brighter story, reporting a 29% increase in profits after the group took share from competitors and the wider media market. Last year, Adshel won Mumbrella’s sales team of the year award.
Overall, APN News & media reported an EBiTDA profit number of $156m. The market had been expecting the result and shares were up about 3 per cent in early trading today.
(Declaration of interest: like most of the major outdoor companies, Adshel is an advertiser on Mumbrella)
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