Fairfax Media profits rise as Financial Review Group goes backwards

Greg Hywood Fairfax MediaFairfax Media’s half yearly results appear to confirm that the company is through the worst, delivering a 7% increase in EBITDA profits to $347m and a 3% increase in revenue to $1.3bn.

CEO Greg Hywood said: “This is a pleasing result. It reflects a strong performance focus across our diverse media and digital assets.”  

He added: “The media industry faces continuous change. My team’s role is to ensure Fairfax Media remains competitive, effective and profitable in our chosen markets.”

The strongest profit growth came within the metropolitan media division which was up by 10.7%. Fairfax Digital and Trade Me was not far behind with growth of 9.2%. The company’s regional media operation grew profits by 9.9%.

But the company’s printing operation saw profits decline by 1.6% while specialist media was down by 2.5% and broadcasting down by 1.3%.

According to the announcement, the Financial Review Group also saw a fall in profits, although the company did not disclose by how much. It said that the group increased its revenues by 4% thanks to selling more ads, but there was a fall in circulation income and cost increases.

The company also confirmed Jack Matthews as CEO of its new metropolitan media division.


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