ARN and TRN grow earnings

On a big day for ARN and TRN with the news that Clear Channel has sold its shareholding to APN (see here), the two networks have released a strong set of numbers to the market.

ARN has grown revenue by 6% to $148.9m, with EBITDA growing by 14% to $58m.

TRN in New Zealand has grown revenue by 9% to $102.3m, with EBITDA improving by 22% to $20.0m.

Announcing the results, APN CEO Michael Miller (pictured) commented;

“These are APN’s best results in a number of years with NPAT and EBITDA growth at their highest level since 2007 and 2005 respectively.

"The results reflect strong earnings growth in our radio businesses as they increased market share, a record result at Adshel, an improved second half performance from our publishing businesses as cost saving benefits start to flow through and the impact of the sale of a number of non-core businesses.

"The acquisition of our Australian and New Zealand radio businesses is part of our efforts to streamline APN’s operating structure. We have reduced the number of part-owned businesses from seven to two. We now receive the full benefit from businesses that remain central to our growth ambitions.

"Our radio businesses delivered impressive results with increased earnings and revenues ahead of their respective markets. ARN has continued to outperform the Australian market and TRN claimed back market share in New Zealand after a major reorganisation.

"We are confident that radio will continue to grow as a medium and that ARN and TRN will continue to capture a greater share of the market. Both have strong leadership teams and clear growth strategies, which we fully support."

The headline financial results are shown below.