Nine Entertainment posts 2023 Financial Year results

Nine Entertainment Co. has released its results for the 12 months to 30 June 2023.

For the period, Nine reported Revenue of $2.7b and a Net Profit After Tax of $195m, which included a post-tax Specific Item expense of $85m.

It says key takeaways include:

• Targeted investment in content has strengthened Nine’s competitive position across all of its platforms – television, streaming, publishing and radio
• Overall revenue share growth in radio, including 115% growth in digital revenues
• Strong balance sheet with Net (wholly owned) Leverage of 0.7X and a final dividend of 5.0 cents per share
• Ongoing share buy-back

The company’s radio division revenue increased by 4% on the previous year, to $106 million. Radio expenditure increased by 8% to almost $94 million, delivering a profit from Nine Radio of $12.6 million, down on last year’s $15.2 million.

Radio revenue is about 10% of Television.

Peter Costello, Chairman of Nine Entertainment Co. says “Through FY23, Nine continued to solidify its position at the forefront of media in Australia. Whilst we faced tougher economic conditions which have impacted the broader industry, Nine has risen to the challenge, continuing to drive audience and revenue share, and investing in the future of the business while focussing on the efficiency of our cost base.”

Mike Sneesby, Chief Executive Officer of Nine Entertainment Co. says “Our high quality talk radio assets have grown share, whilst expediting the expansion into digital, with 115% digital revenue growth reported for the year.”