MRN release half-yearly numbers
The reporting season for half-year financial results, or in the case of APN full year, has begun with Macquarie Radio the first to reveal its figures.
And they’re not bad. Although in part that is due to the removal of the MTR liability that impacted the company last year. For the half year to 31 December, Macquarie has posted a 100% increase in Net Profit After Tax to $4.5m, with reported EBITDA up for 50% to $7.4m.
Overall revenue for Macquarie decreased by 10% to $29.74m, whilst costs decreased by 15% to $25.08m.
This improvement was off the backdrop of the Sydney radio market decreasing by 1%, and in the midst of the Alan Jones ‘PM’ negative publicity, which Executive Chairman Russell Tate said had cost the company between $1m and $1.5m.
Tate went on to say;
"These results are in line with guidance provided in November. With regard to the full-year guidance, and despite the fact that advertising spends are not yet showing strong signs of recovery, we remain confident that the full-year EBITDA guidance of 15-20 per cent reduction on prior year will be achieved.”
“With the removal of the loss-making MTR, reported EBITDA levels for the full year are expected to exceed 100 per cent growth on prior year."
For those who have shares in Macquarie, the company has declared a fully franked dividend of 5c per share, which is the highest dividend the company has paid.