Fairfax impacted by post-election environment
Fairfax Media have this morning held their AGM.
In the meeting, CEO Greg Hywood has revealed that group revenue is down 6% so far in FY14 compared to the prior year.
This is mainly due to "no sustained uplift in post-election advertising environment."
– Metro Media is down 9%
– Regional Media is down 10%
– New Zealand is up 7% (including currency benefit)
– Broadcasting is in line with last year
– Costs were on target to be in the region of $1.6 billion for the full-year
Read the full presentation from the Fairfax Media AGM here