Seven earnings down as Worner delivers first results since Harrison scandal revealed
Amid a cloud of controversy surrounding its CEO and his affair with a former executive assistant, Seven West Media has announced a 27.7% drop in earnings before interest and tax on revenues of $905.1m
Tim Worner delivers his first results since sex scandal broke
Reporting its results for the first half of the 2016/2017 financial year, SWM saw group profit plummet 90.8% to $12.4m
EBIT [earnings before tax and interest] has fallen from $205m at the end of the December half in 2015 to $148.5m. Total revenues were up slightly from the previous period.
More bad news.
Tim Worner is still the best media operator in the country, regardless of what went on in 2014.
Wow if the best delivers a group profit down 90.8% then I guess the whole industry is FUBAR?
Glib comment. You are obviously not very business savvy, S.
I note J you have no facts just an assertion my comment is glib. Oh the irony. If you can’t understand a 90% decrease in profit perhaps you don’t understand business? Why don’t you ask your colleagues at Seven West Media for some help?
And yes it looks like the industry is FUBAR…
http://www.afr.com/business/me.....216-guemu5
Perhaps if they produce any decent content across all their brands they might be able to make some money.
As it is they pay silly prices for events where the margins are so tight they just about break even.
Their digital offering is appalling (member Olympics), literally nothing worth watching on free to air, you could hardly call their news, news it’s just one big promo with some headlines.
If you’ve got shares sell them now, this isn’t going to get any better. This company won’t be around much longer in its current form.