ARN posts 27% revenue decline in latest half year results
HT&E has shared its financial results for the six months ending 30 June this year.
Revenue for the media company, which owns the KIIS and Pure Gold networks, fell by 29% in the first half to $93 million, with a statutory loss of $59.3 million for the six month period.
ARN believes it has cemented its position as the strongest metro radio network in Australia, winning market share and maintaining its position as the #1 city-based radio network.
Radio revenue was down 27%, slightly better than the average across the sector of 30.9%.
HT&E chairman Hamish McLennan told investors that “ARN is weathering the storm”.
“Our clear commercial strategy, together with great talent integration, is winning share and our Q3 and forward bookings are showing improved momentum,” McLennan said.
He also outlined a range of cost control measures, including six-month salary reductions for some executives and the board and reduced work hours for other staffers.
“This helped to protect our earnings and cash reserves, with advertising spend significantly affected in both Australia and Hong Kong,” McLennan added.
ARN also provided a market update, saying trading in July has improved. It was down 27%, showing some improvement against the 46% decline experienced in the June quarter.
CEO Ciaran Davis said the company has a clear strategy to transition from a linear radio business to an audience-centric, digital audio and content business.
“Radio will continue to play a very important role in consumer consumption of audio, and maximising returns from our core business operations remains the priority,” Davis said.