Macquarie report financials

Staff Writer

Reporting season continues for the publicly listed media companies, with the Macquarie Radio Network (MRN) releasing its financial results for the 6 months to 31 December 2013.

Whilst the Sydney radio market improved by 2.6%, MRN's share of revenue in Sydney decreased to 22.8% (down 0.7%), resulting in an overall revenue performance of $29.4m, down 7% on pcp.

However, underlying EBITDA improved by 10% on pcp to $6.4m, with underlying NPAT improving by 31% to $3.8m.

MRN Executive Chairman, Russell Tate commented:

“We expect that the full year underlying EBITDA will be more than 5% ahead of the prior year. Reported EBITDA levels for the full year are expected to be 15-20% below the prior year largely due to the absence of one-off net royalty revenue and the reversal of the provision in relation to the Smart Radio Network in the prior year”.

There was no mention of any potential acquisition of, or merger with, the Fairfax Radio Network in todays release.

Macquarie Radio Network has declared a fully franked dividend of 5cps for the 6-month period, the equal highest dividend in the companys history. MRN has had a strong run on the stock market over recent months; the graph of their share price over the past year is shown below:

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