APN Results out today

Half year results are due out later today for APN News & Media – Australasia’s largest radio broadcaster.

Analysts are predicting a strong rise in profits to around $48-$49 million.

APN has investments in 12 metropolitan radio stations in Australia and 94 in New Zealand. Its radio division, the Australian Radio Network (ARN), is owned in an equal joint venture with Clear Channel Communications, the most successful radio broadcaster in the US.

The company reported a 15% increase in net profit to $103.5m for the year to 31 December 2003.

Writing in the company’s annual report, Chief Executive, Brendan Hopkins, said: “I believe 2004 will prove to be a year in which APN’s core business will again achieve above market revenue and profitability growth.

“Through the positive management of assets and the restructuring of group finances, APN has begun the 2004 financial year in a strong position.

“Trading in the first quarter has been above expectation, benefiting from the robust business conditions across the group’s wide variety of local economies. We remain confident of an improved result in 2004.”