Austereo 1H profit slides
February 18, 2010
Austereo Group Limited (AEO) reported a profit of $27.7 million for the first half of FY10, down 0.6% on the previous corresponding period. The company result was on the back of a 2.8% drop in revenue to $131 million.
Austereo recorded an EBIT result of $45.6 million down 4.87% on the pcp and delivered an EPS of 8 cps, which the company said allowed it to maintain the interim dividend at 4 cps.
The company maintained leading FM positions in Sydney, Melbourne, Adelaide, Perth and second place in Brisbane, with all-people audience increasing 0.4% against the pcp.
”In the latter stages of 1H FY10, there were signs of improvement in the capital city radio market and also emerging positive signs in a range of client categories, including food and media,” Austereo said.
”Based upon our estimates, we believe that the capital city radio ad market for the January-June 2010 half year will be in gradual recovery with the overall FY10 outcome better than -1% and with clear positive indicators emerging.”
Recently appointed CEO, Guy Dobson, said the company is in a strong position to capitalise on any sustained market growth.
”Our priorities in programming are clear, with opportunities for upside in audience growth as well as sales potential,” Mr Dobson said.
”We will also maintain strong cost-line controls and seek further operational efficiencies.”
As at 1125 AEDT, Austereo shares were up 6c to $1.68.
Austereo recorded an EBIT result of $45.6 million down 4.87% on the pcp and delivered an EPS of 8 cps, which the company said allowed it to maintain the interim dividend at 4 cps.
The company maintained leading FM positions in Sydney, Melbourne, Adelaide, Perth and second place in Brisbane, with all-people audience increasing 0.4% against the pcp.
”In the latter stages of 1H FY10, there were signs of improvement in the capital city radio market and also emerging positive signs in a range of client categories, including food and media,” Austereo said.
”Based upon our estimates, we believe that the capital city radio ad market for the January-June 2010 half year will be in gradual recovery with the overall FY10 outcome better than -1% and with clear positive indicators emerging.”
Recently appointed CEO, Guy Dobson, said the company is in a strong position to capitalise on any sustained market growth.
”Our priorities in programming are clear, with opportunities for upside in audience growth as well as sales potential,” Mr Dobson said.
”We will also maintain strong cost-line controls and seek further operational efficiencies.”
As at 1125 AEDT, Austereo shares were up 6c to $1.68.
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