SEN drives earnings for Pacific Star

Staff Writer

Melbourne-based Pacific Star Network, who operate the SEN and MyMP radio stations, have announced their half-year results to 31 December 2014.

The overall revenue and earnings figures for the group are well up on the same period the previous year (pcp), due to the acquisition, and inclusion in the figures now, of publisher 'Morrison Media'.

Revenue for the group improved 24% to $9.5m, with radio revenue increasing 3.5% on pcp.

Looking at the radio division of the business, the results were impressive; revenue improved to $7.7m (up from $7.2m), and EBITDA improved to $1.2m (up from 0.75m).

In a statement Pacific Star said:

"In a tough advertising market, it was pleasing to note that the broadcasting segment generated a profit before tax contribution of $1,233 thousand, a strong result that came in ahead of budget.

Underlying EBITDA (for the group) was up 82% to $1.8 million. The result includes a solid performance by the broadcasting business and one month’s trading activity for the Morrison Media business, however the result should not be taken as indicative or extrapolated out for the full year due to the seasonality of the Morrison Media business over the Christmas period.

Net profit before significant items was up more than 100% to $1.2 million. After taking account of significant items of $1.2 million relating to transaction costs associated with the purchase of Morrison Media, the company incurred a small loss of $38 thousand.

A key focus in coming months will be the consolidation of the Morrison Media business, to ensure that the company leverages an appropriate level of return from this investment whilst continuing to grow the company’s broadcasting assets."

The company declared a fully franked dividend of 1.25c per share. Pacific Star Network operate SEN, MyMP, Inside Football magazine and acquired the publishing company Morrison Media in 2014.


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