Revenues rise at APN on back of radio acquisition but advertising begins to slip
APN News and Media has reported a six per cent lift in revenues but warned that advertising has softened and costs have risen.
While revenue has been boosted by the acquisition of Perth’s 96FM at the start of the year, the media firm said the addition of the former Fairfax Radio station has also added costs.
In a trading update at its annual general meeting today, chief executive Michael Miller said net profit after tax was in line with its 2014 performance when it reported a year-end underlying profit of $75.2 million, a 27 per cent improvement on 2013.
But he warned: “Advertising market conditions have softened in April and comparatives were improving this time last year.”
The integration of its New Zealand operations was also responsible for the increase in costs, Miller said.
He told shareholders that its radio and out of home operations continued to perform well, and that its regional publishing media arm, APN, “has a bigger audience than at any time in its history”.
Chairman Peter Cosgrove said the company was well positioned for growth but warned it operated in an “ever changing environment”.
“The way people consume media has and continues to change rapidly,” he said. “Our audiences, our readers and our listeners have an incredible array of possibilities to discover and consume content and as a media company working in a dynamic industry this must be at the forefront of our thinking every day.”
