ARN defends SCA purchase

ARN Media has reported a 40 per cent fall in net profit on the back of a drop in revenues, with the group blaming lower consumer spending, a slowing economy and a fall in government advertising after 2022 which included a federal election.

The result shows cost containment – costs were up two per cent – and a relatively healthy balance sheet. But revenue was off three per cent across the business. In early trading, ARN’s share price fell 2 per cent to 96 cents.

ARN said its audiences had grown across all audio platforms, highlighted by its success in recent metro AM/FM station surveys. ARN monthly podcast listening increased 23 per cent to 6.6 million people.