But the company’s radio division experienced falling revenue, down to $103.8 million this year from $110.5 million last year, in line with the falling ratings on some of its stations.
CEO Greg Hywood said at the company’s AGM today:
“We have strengthened our line-ups. Our offering has been refreshed at five of the seven stations. Sales teams have been restructured to have a national focus resulting innew sales leadership in Brisbane, Sydney and Melbourne.
“Melbourne’s 3AW and 96fm in Perth continue to have strong ratings and audience share.”
The company’s overall top line result contains several one off abnormal factors such as asset sales and restructuring costs. The significant items after tax include gains from the sales of Stayz and other controlled entities totalling $100.4 million, offset by restructuring and redundancy costs of $16.9 million and impairments of property, plant and equipment of $16.8 million, mainly relating to print site closures.
The company will pay a dividend of 2 cents per share.
Fairfax valued its radio licences at $114 million and goodwill for the radio business at $56 million.
Photo: Fairfax Media