Strong results as APN profits up by 20% in 2013

APN News & Media — the Australian group which acts as Independent News & Media’s only overseas interest these days — has reported a strong performance for 2013, with net after-tax profits up by nearly 20%.

The Sydney-based group — which owns a number of newspaper, radio and outdoor advertising assets across Australia and New Zealand — yesterday reported a net after-tax profit of Aus$59.3m (€39m), before exceptional items, for the year; up from Aus$49.6m for 2012.

While group revenues were down by nearly 1%, year-on-year, from Aus$823m to Aus$817.2m, pre-exceptional EBITDA (earnings before interest, tax, depreciation and amortisation) grew by nearly Aus$12m to Aus$162.8m.

Significantly, statutory net profit returned to Aus$2.6m, compared to a loss of Aus$507.4m for the previous year.

APN’s group chief executive, Michael Miller called the set of figures the best results the group had generated “in a number of years” — in fact, net profit after tax and EBITDA growth reached their highest levels since 2007 and 2005, respectively — and called it a “satisfying” performance.

“The results reflect strong earnings growth in our radio businesses as they increased market share, a record result at Adshel, an improved second-half performance from our publishing businesses, as cost saving benefits start to flow through, and the impact of the sale of a number of non-core businesses,” he said.

“This was a very satisfying result, which saw APN return to growth and has positioned the company for further improvement,” Mr Miller added.

INM currently holds a near 29% stake in APN, although this will reduce to around 18.6%, with the Australian group gaining full control of its radio joint venture and INM not partaking in fundraising.