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- National talkback radio group Macquarie Media announced yearly profits have declined 32.9 per cent
- Advertising has been hard to secure and impairment was taken for the Perth branch
- Macquarie Media’s share price is currently sitting at $1.745 apiece in a $298.75 million market cap
National newsgroup Macquarie Media’s yearly profits have dropped, the company told the market this afternoon.
Macquarie Media owns the talkback radio stations 2GB in Sydney, 3AW in Melbourne, 6PR in Perth and 4BC in Brisbane, alongside Macquarie Sports Radio in the four cities.
The company’s revenue is down 3.3 per cent in comparison to the previous year, while earnings before interest, tax, depreciation and amortisation have sunk 16.4 per cent.
Overall net profits after tax have fallen 32.9 per cent and debt has risen 28 per cent.
Macquarie Media’s CEO Adam Lang said: “Whilst these results are within the range of our May 2019 guidance for the full-year 2019 earnings, we recognise that this outcome is disappointing for our shareholders.”
“We have executed significant changes to improve customer service to our audience and clients and, ultimately, deliver a better return for our shareholders,” Adam added.
The company pointed out an impairment was taken half way through the year for operations in Perth, however, the branch improved its performance in the second half.
The audience for the groups news talk programs has grown five per cent over the year, which Macquarie Media labels the “foundation of [its] strength”.
Sales teams will attempt to capitalise on the company’s “large and affluent audience,” however “advertising conditions remain subdued” for now.
Macquarie Media’s share price is currently sitting at $1.745 a piece in a $298.75 million market cap.