ARN revenue declines as HT&E reports 75% growth
APN News & Media, now operating under the name of HT&E Limited, has reported released its financial results for the six months ending 30 June 2017, with the group’s radio arm failing to make an impact on the bottom line.
Reporting on its first six months of activity after a substantial business transformation in 2016 and shift away from traditional publishing, the rebranded HT&E – short for “Here, There & Everywhere” – now encompasses a repositioned portfolio of radio, outdoor and digital assets.
The group enjoyed a 75% increase in revenue to $225.7m, however the results for radio were lukewarm, with revenue generated by ARN down 6%.
Investment in talent and digital assets have meant increased costs of $4.5m for ARN, however key talent contracts have been secured across the network, including WSFM’s Jonesy & Amanda recently renewed contract for three years.
HT&E also reported that ARN is investing in and delivering multiple audio formats including iHeartRadio and DAB+, which provide “greater targeting capabilities, broader reach for advertisers and opportunities for future revenue growth”.
“In its first period of reporting since the divestment of all traditional publishing assets, HT&E has delivered a mixed result for shareholders, however there is a platform of highly attractive media assets to build on,” HT&E Chairman Peter Cosgrove said.
“Our radio business had a weaker half in a softer radio market, yet the industry fundamentals around radio remain compelling.”
CEO and managing director for HT&E Ciaran Davis added that whilst the radio result was disappointing it remains a very robust sector with consistent year-on-year audience and revenue growth.
“The medium remains highly attractive to advertisers due to its immediacy, its ability to integrate content across multiple platforms, but most importantly, its effectiveness at delivering results for advertisers,” he said.