Prime Media Group has seen $27.2 million in profits for the 2010-11 financial year, on the back of restructures within the business and strong performances from television and radio assets.
From a loss of $54.5 million in the prior period, the group’s profits have increased $81.7 million. Much of this has resulted from the sale of underperforming businesses, like outside broadcasting operation OSB Australia, which previously stifled profits.
Prime Media Group chief executive Ian Audsley said: “The restructure of the business, together with the rebound of the television advertising market in the first half, has delivered a strong result and a solid improvement in shareholders returns.”
The company’s television assets in regional NSW and Victoria saw an 8% jump in revenue to $233.8 million. In regional markets, the group has 36.6% audience share, up from 35.1% in the prior period. This compares with 39.4% share for WIN/NBN and 24% for Southern Cross Media.
While revenue growth for the company’s radio assets in regional Queensland was positive at 3%, it was hampered by the impact of natural disasters.
The company predicts that the first half of the current financial year will be flat.
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