Austereo results show its appeal
Sydney Morning Herald
Thursday February 10, 2011
THE radio giant Austereo has announced upbeat results for the first half of the financial year, with net profit up 9.9 per cent at $30.4 million. But the company conceded there were challenges ahead, particularly in the areas of digital and online.The chairman, Peter Harvie, and chief executive, Guy Dobson, yesterday refused to answer any questions over the recent takeover bid by Southern Cross Media, saying the matter was "not germane" to a discussion of the results.Southern Cross Media, a regional broadcaster, announced last week that it had a conditional deal to take over Austereo, owner of the high rating Today and Triple M networks.Austereo's results included sales revenue up 11.9 per cent at $144.6 million. The board declared a fully franked interim dividend of 5 a share. Mr Harvie described the results as solid, "coming off an improved ad spending market, continued consistency of ratings, through to strong sales strategies".On the shift for ratings heroes Hamish and Andy from five drivetime slots a week to one, Mr Harvie said the change had played well with the audience and advertisers. He said the pair's Friday show had posted the best sponsorship levels ever recorded by the network.Commenting on the challenges posed by digital radio and online, Mr Harvie and Mr Dobson said there was room to improve, particularly regarding video.AT A GLANCEHalf-year 2010 2009Revenue $146.1m $131mNet profit $30.4m $27.6mDividend 5 4EPS 8.8 8
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