MRN revenues 'disappointing, just short of target' | radioinfo

MRN revenues 'disappointing, just short of target'

Thursday 21 August, 2014

As radio reporting season continues, Macquarie Radio Network has today announced its financial results for the year ended 30 June 2014.

Operating revenues were down 2% on the prior year to $56.5 million. Total revenues and other income down 6% on prior year to $56.9 million.

Underlying EBITDA was down by 7% on the prior year to $10.5 million, with reported EBITDA (the statutory figure required by teh Stock Exchange) down by 27% on prior year to $10.4 million. The prior year included one-off net revenues totalling $3.1 million).

 

Underlying net profit before tax was down by 8% on prior year to $8.8 million. Reported NPBT down by 29% on prior year to $8.7 million.

MRN Directors have declared a final dividend of 5 cents per share fully franked, equal to the prior year final dividend, payable on 15 September 2014. Total dividends for the financial year ended 30 June 2014 are 10 cents per share fully franked, equal to last year.
Commenting on the results, MRN Chairman Russell Tate said that the financial results fell just short of target largely as a result of disappointing operating revenues.

“The Sydney radio market grew by over 2% in the financial year and our operating revenues were actually down on prior year. A comprehensive review of our sales and marketing

approach was commenced in the last quarter of the year and we are confident of regaining lost share in 2014/15 to move back into earnings growth.”
 
See the full financial report here.
 
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