Are Media’s 2020 financials show decline in advertising revenue

Are Media, formerly Bauer Media, has submitted its financial report for the year ending 31 December 2020 to the Australian Securities and Investment Commission (ASIC).

The financial results showed a total revenue of $236 million, up $35 million from 2019’s revenue of $201 million.

Profit after tax was $13.4 million, a significant improvement from 2019, where it was $1.4 million, with no dividends paid during this year.

In May 2020, Bauer Media acquired Pacific Magazine for final price of $35.8 million from Seven West media.

A spokesperson from Are Media stated: “Revenue and operating profit were up 17.4% and 687% respectively on 2019 results. The balance sheet also strengthened, with net assets of $135.8 million up $70.5 million in 2019.”

Revenue from circulation for the year ended December 2020 was $177 million, up by $48 million from $129 million in 2019, advertising revenue showed a loss of $10 million at $38.3 million (2019: $48.3 million), while online revenue was up by $1 million to $15.2 million (2019: $14.2 million) and other revenue at $5.4 million.

In April 2020, the shareholders issued 40,000 ordinary shares at an exercise price of $1 per share.  The issue was made to the company’s existing sole parent and settled via recording an inter-company receipt.

In September last year, Bauer Media was sold by the Bauer family to Mercury Capital which then rebranded to Are Media.

Several directors of the company during the significant period of change have since left the organisation including Andrew Stedwell, who resigned on 16 October 2020, Brendon Hill, who was also chief executive officer, who resigned in April 2021, and replaced by Jane Huxley.


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