Network Ten’s half-year financial results give CEO James Warburton little to be pleased about, with TV revenue down 12%.
Out of home revenue from Ten’s Eye Corp subsidiary fell by 7% for the half year to February, while EBITDA for the group dropped from $106m to $64m.
Warburton said in a statement:
The first-half results reflect tough trading conditions and a difficult final quarter of calendar 2011 as the Company re-set its cost base and focused on creating a more sustainable business.
The success of our Super Sunday line-up and our performance in the 5pm to 8pm timeslot, including The Project, this year has been pleasing.
Many of the new programs we announced last year for 2012 will start to appear over the next few months, including Breakfast – which starts on Monday – Bikie Wars: Brothers in Arms and the return of Offspring and MasterChef Australia. Our multi-channels, ONE and ELEVEN, have posted strong growth this year and are the mostwatched multi-channels among people under 50.