Nine Entertainment has released their full year’s results for FY 22 recording a group EBITDA of $700.7M, up by 24% from $564.7M last year.
Nine Radio revenue was up by 13% to $102.4M with costs up slightly by 6% to $87.2M giving the radio division an EBITDA of $15.2M, a gain of 81% from $8.4M in FY21.
The Metro radio ad market gained momentum, and finished the year 10% up on FY21, with Nine Radio improving audience and revenue share with their end of year result driven by “… cost discipline in the analogue business, investment in digital expansion and the benefit of sales restructure to capitalise on the rebounding advertising market.”
The company says the radio ad market continues to recover and Nine expects to gain a further share with growth in Q1 this year to be in the low double digits (%).
CEO, Mike Sneesby, says, “In Radio, we have refocused and and strengthened our underlying business while building our audiences, most notably our Digital audiences. 27% of our listeners used a digital device to access our content during the June half.”
The company has announced a final dividend of 7.0 cents per share and an intended buyback of up to 10% of its issued share capital, or 170.5M shares.