Australian Radio Network parent company APN has announced a net profit after tax for the year ended December 31 of $169.4 million, up 8% on the previous year, but slower growth than in previous years.

Radio Division revenue grew 1% to $258.8 million, with APN blaming a sluggish radio market for some of its less than spectacular figures in this area:

“A sluggish Sydney market coupled with strong competition tempered the division’s results… some major markets such as Auckland and Sydney showed only moderate growth, we are optimistic about an improved outcome for 2008.”

Trading year-to-date is “in line with expectations,” and revenue and profit are ahead of the prior year in both Australia and New Zealand. Given “the current turmoil in world markets,” the board says it is “inappropriate to give specific future projections at this time.”

A final dividend of 21 cents per share will be paid to investors, making total dividends for the year of 31.5 cents, an increase of 6% on the previous year.