Macquarie FY13 results released

The Macquarie Radio Network, who run 2GB and 2CH in Sydney, have released their FY13 results to ASX.

Their annual operating revenue fell 5% because of a flat Sydney radio market, weak demand for the London 2012 Olympics but mainly as a result of the events surrounding Alan Jones in September last year.

Key highlights from the results :-

• Total revenue was down from $64m to $60.8m
• MRN's share of the Sydney radio market revenue was down from 25% to 23%
• Reported EBITDA increased by 110% to $14.2 million
• Underlying EBITDA, which excludes the one-off items referred to above and MTR residual costs of $0.3m, decreased by 25% to $11.3 million
• Reported NPBT increased by 184% to $12.3 million
• Underlying NPBT decreased by 27% to $9.6 million
• Reported NPAT increased by 302% to $9.1 million
• Underlying NPAT decreased by 24% to $6.7 million

MRN executive chairman Russell Tate said:

"We had hoped for stronger market spend levels in the second half of 2012/13 following a weak first half."

"The market did show some slight growth to help us get close to our underlying earnings guidance but we are now not expecting any significant market movement until after the September federal election. The extent of the post-election lift in consumer and business confidence will to a very large extent determine our 2013/14 financial performance, as it will for so many of our advertisers."

Read the detail at ASX here.