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.
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