The resurgence of Kerry Stoke’s Seven Network is producing strong results for regional radio and tv company Prime Television, which has flagged net profit growth of about 29% this year.

In today’s AFR, Neil Shoebridge reports Prime chief executive Warwick Syphers saying he is comfortable with the consensus forecast of a $25 million net profit for 2005-06, up from $20.6 million in 2004-05.

Prime recently bought six radio stations from Macquarie Bank.

Prime’s December-half results showed a 6.5% increase in net profit to $13.1 million, compared with a consensus forecast of $11.5 million to $12.5 million. Prime’s share price finished yesterday at $3.32.

Prime’s advertising revenue rose 7% during the half, including a 7% increase to $88.8 million in Australia.

Shoebridge points out that Prime, which is 40% owned by its chairman Paul Ramsay, was the star performer in the regional TV ad market in the December half. The market grew 1.3%, with Prime taking share from rivals Southern Cross Broadcasting and WIN Corp.

The six radio stations Prime bought from Macquarie Bank in September for $26.4 million contributed revenue of $3.1 million and earnings of $1.1. million.

Syphers told the AFR: “The radio stations are doing well and are complimentary to our TV business. We’d like to buy more radio stations but we’re being hog-tied until the government releases its media reform plan. No one is buying or selling anything until they’ve seen the plan.”