Austereo buys back more shares and expects to meet profit target

Austereo Group Ltd has announced another on-market share buy-back and says it is expecting to achieve its profit forecast, but with changed market conditions the forecast is uncertain.

The company will buy back up to $18 million worth of shares in its on-going program of share buy-backs to “make more efficient use of its capital.”

Austereo told the stock exchange in a statement: “At this early stage it is anticipated that the profit after tax for the full year ending 30 June 2005 may be close to the prior year…

“However, the company believes that, at this time, it is difficult to assess the full year position with any certainty, given the impending launch and impact of new radio stations over the balance of this financial year.”