Earnings soften for Fairfax Radio
Fairfax Media has released its financial results for the 6-months to 31 December 2013, with the results showing the radio division suffering a slight decline on the previous calendar period (pcp).
Whilst the overall metropolitan radio market grew by 2.8%, Fairfax Radio's softened slightly.
The radio division has reported revenue of $54.5m, down 1.1% on pcp, and EBITDA of $9.2m, down 9.6% on pcp.
Fairfax CEO Greg Hywood commented on the radio performance;
“After a strong 2013 result, management worked hard to restructure the sales teams in Sydney, Brisbane and Melbourne during the half year. We also significantly refreshed programming line-ups, which became effective in January.
While Radio’s advertising revenue declined by 0.8% in a metro market that grew by 2.8%, we have been investing for the future and expect to see our actions translate into improved performance in the second half of the financial year.”
The overall Fairfax Media result reported NPAT of $193.8m from revenue of $1.083b, which was down 1.2% on pcp.
The radio graphs from today's presentation are below: