APN media reveals 27 per cent underlying profit increase with ARN revenues up 18 per cent

APN Media has reported an increased underlying profit of  $75.2 million, an increase of 27 per cent on last year’s results the company revealed today. APN

The company which owns the Australian Radio Network (ARN) and various newspaper and advertising holdings, said earnings before interest taxes and depreciation were $164.1 million, up 1 per cent.

Revenue from continuing operations was up 3 per cent to $843.2 million for the year ending December 2014, although Australian print asset revenues were down 7 per cent to $202.1 million.

However, the strength of ARN and its ratings dominance in Sydney in particular through the Kiis FM and WSFM networks saw its revenues rise 18 per cent to $180.9 million

Chairman Peter Cosgrove said the result was encouraging and that a majority of earnings were now coming from growth media.

“This is an encouraging result for APN, and a continuation of the progress made during the first half of 2014,” he said.

“Just over 60 per cent of APN’s proportionate earnings are now in growth media compared to 40 per cent 12 months ago. It is also pleasing to see the growth in shareholder value commensurate with the positive performance of the business, something we have been working hard to achieve.”

apn results

As previously indicated no dividend would be paid to shareholders the company confirmed.

Cash generated from operating activities was $65m in line with the target of $60-70m.

A portion of this was used to complete the refinancing of the company’s debt facilities and to purchase further radio licences in New Zealand.

Revenue from the company’s New Zealand assets, outdoor advertising and ARN continues to perform well said the company, with outdoor revenues increasing 6 per cent to just under $50 million.


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