Pacific Star hold AGM

In August, The Pacific Star Network (PNW) released its annual report to the market, showing a small improvement in revenue and EBITDA, although a decline in net profits.

PNW operates Melbourne AM stations, SEN and MyMP, and the magazine 'Inside Football' as well as digital stations KOOL and Aussie Digital.

Consolidated revenue was up 3.5% on FY12 to 15.06m, with EBITDA improving to $1.57m from $1.37m in FY12; however net profit was down 8.1% to $1.06m.

In today's AGM they also revealed how the network is faring in the first part of FY14.

Year to date – October 2013

• Strong trading start to the year with record revenues and minimal operating cost increases.
   
• Second quarter has been challenging and will come in below budget targets, however cost savings initiatives had been implemented as a result.
   
• Due to market conditions and the tough December / January trading period, full year guidance will be provided with the release of half year results in Feb 2014.
   
• Expectation is that there will be growth over and above 2012/13 

With their plan moving forward to :-
 

• Continue building a Multi Platform Media Business.
   
• Increasing the revenue base by growing and retaining audiences across all platforms.
   
• Explore additional economies of scale / synergies through third party arrangements.
   
• Appointed advisors to provide advice on the structure of the business and assist with identifying suitable acquisition targets.
   
• With $4 million cash and very low gearing, PNW is well placed to pursue potential acquisition opportunities.