Macquarie Radio Network results fell just short of target

It is company reporting season, next is Macquarie Radio Network Ltd; releasing their financials to the market this morning.

Overall, operating revenues down 2% on prior year to $56.5 million. Total revenues and other income down 6% on prior year to $56.9 million.

MRN Chairman, Russell Tate said that the financial results fell just short of target largely as a result of disappointing operating revenues. “The Sydney radio market grew by over 2% in the financial year”, he said, “and our operating revenues were actually down on prior year. A comprehensive review of our sales and marketing approach was commenced in the last quarter of the year and we are confident of regaining lost share in 2014/15 to move back into earnings growth.”     

How They Stand:

EBITDA:  Underlying EBITDA down by 7% on prior year to $10.5 million.   Reported EBITDA down by 27% on prior year to $10.4 million (prior year includes one-off net revenues totalling $3.1 million). 

NPBT: Underlying NPBT down by 8% on prior year to $8.8 million.  Reported NPBT down by 29% on prior year to $8.7 million 

NPAT: Underlying NPAT down by 10% on prior year to $6.0 million.  Reported NPAT down by 35% on prior year to $5.9 million. 

MRN Directors have declared a final dividend of 5 cents per share fully franked, equal to the prior year final dividend, payable on 15 September 2014 to all shareholders registered as at 1 September 2014. Total dividends for the financial year ended 30 June 2014 are 10 cents per share fully franked, equal to last year.