‘A tough result’: Seven’s financials ‘reflect the ongoing decline in advertising markets’

Seven West Media saw its net profits plummet by 69% during the 2024 financial year, results the group say “reflect the ongoing decline in advertising markets”.

Fresh off the Four Corners investigation on Monday night, Seven announced on Wednesday that it delivered revenue of $1.41 billion for FY24, a modest 5% drop from the previous year, although net profits after tax fell 69%, with group earnings of $187 million fell 33%, or by $93 million, on FY23.

Jeff Howard didn’t mince words when briefing investors. “FY24 is a tough result for SWM in a challenging market,” he said.