Seven West to Consider Capital Management After 48% Rise in First Half Earnings – Update

By Stuart Condie

SYDNEY – Seven West Media Ltd. will consider capital management options in the second half of its fiscal year after increasing its first half profit by 48%.

The Australian broadcaster and newspaper publisher said underlying net profit for the six months to December 25 rose to A$128.7 million ($91.8 million) from A$87.1 million. Australian dollars restated a year earlier.

Revenue jumped 27% to A$644.2 million as advertising revenue continued to recover from the initial shock of the coronavirus pandemic.

Earnings before interest, tax, depreciation and amortization increased 31% year-on-year to A$215.3 million. The average analyst forecast was for an Ebitda of A$184 million, according to data compiled by FactSet.

The company did not declare a dividend but said its board would consider capital management options over the coming months. Its last payment dates back to the 2017 financial year.

Seven West reported statutory profit of A$120.5 million, up from A$116.7 million a year ago.

It expects an annual Ebitda of between A$315m and A$325m, including a $A10m contribution from regional broadcaster Prime, which it acquired in December. He said metropolitan TV ad bookings were up 13% year-on-year since the start of the third quarter and was targeting a 2 percentage point increase in market revenue share in the second half.

Write to Stuart Condie at [email protected]

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