Macquarie Media has released its half year company results for 2019, with Underlying Net Profit (NPAT) down 6% on last yea

Statutory EBITDA, an ‘apples with apples’ comparison requirement from the stock exchange, was down 45% ($6 million), but this includes a range of one-off significant items such as impairment, legal claims and property.

Legal claims, such as the Wagner family defamation payment are expected to impact on the company’s bottom line by over $4 million.

 
Underlying Earnings, which excludes those items, was healthier, still down, but by only $800,000, a 4.9% decrease on last year.
 
Advertising revenues have been “flat” in the last 6 months for Macquarie, according to the results announcement.
 
Overall group revenues were slightly down on last year to $68.2 million (- 4%). Operating costs increased by half a million dollars (1%).

This half year included the advertiser boycots related to the Louise Herron interview by Alan Jones in October.
 

The company’s share price fluctuated during the past 12 months, notably at the time of the Channel Nine takeover of Fairfax (second largest shareholder in Macquarie Media) and the Herron and Wagner issues.

Directors have declared a dividend of 3 cents per share, to be paid in March.
 
The company’s EBITDA outlook for this financial year is predicted to be in the range of  $29-32 million.
 
CEO Adam Lang said:

 
 
Detailed accounts below.
 
 
Channel Nine is on the record saying it would like to own the majority of Macquarie Media some time after March 2019 (the month for the half year dividend payment). No comment was made on this in the half year results announcement.

Channel Nine will report its latest results to the stock exchange tomorrow.