Media company NZME says net profit is up by more than a third with strong revenue growth across all key areas, while advertising revenue recovered to pre-Covid levels.
Michael Boggs, NZME chief executive. Photo: supplied
Key numbers for the six months ended June compared to a year ago:
- Net profit $8.5m vs $6.2m
- Revenue $177.0 vs $168.0m
- Underlying profit $28.1m vs $27.2m
- Interim dividend 3.0 cents a share
NZME, who is the publisher of the NZ Herald and Newstalk ZB radio network, said audio, publishing, OneRoof and digital revenue rose 23 percent, with 41 percent of the radio market revenue share - the highest level in six years.
Publishing subscriptions were also up to 206,000, including 101,000 digital-only subscriptions, however, print advertising revenue was down $2.8m to $37.4m.
Chief executive Michael Boggs said third quarter advertising bookings were currently tracking 5 percent above the year earlier, although advertisers were cautious amid a downturn in business and consumer confidence.
"NZME is not immune to the challenging macro-economic environment in New Zealand and globally, and cost pressures across the business continue. However, we are focused on carefully managing costs to ensure current business momentum continues into the second half of 2022," Boggs said.
The company reconfirmed its full year underlying guidance in a range of $67-$72m.