Ten Network Holdings has swung from $14.1 million profit to a $12.9 million loss in the year to August, with chief executive James Warburton calling the result “disappointing”.
In the previous year, Ten's profits had dropped 90.5% from $150 million to $14.2 million, and now the figure has dropped even further with the company now sitting in the red.
Meanwhile, revenue from ordinary activities was down 13.7% to $861.8 million.
Warburton said: “This is a disappointing result and we are focused on turning Ten around through improved ratings, revenue and cost management.
“Undoubtedly we are operating in challenging market and competitive conditions, which have impacted our revenue performance. We have responded and secured significant cost savings in the year. We are now undertaking a strategic, operating and news review to further reduce costs.
“We have also reduced our debt as a result of a successful capital raising. Many of our core programs have performed well, underpinning our confidence that our performance can be improved.”
Throughout the year, Ten has been hit with one disappointment after another. On the television side of the business, flagging ratings for shows like The Shire and Everybody Dance Now have been a recurring theme.
Warburton said: “While our overall ratings performance this year has not been good enough, we are working hard on improving it.”
Meanwhile, the company's share price has been in steady decline.
Just yesterday, the market was informed that a deal to sell Ten's outdoor business Eye may have fallen through, sparking speculation that Ten will have to conduct its second round of capital raising in six months.
The company's television assets saw earning before interest, tax, depreciation and amortisation (EBITDA) fall 46.5% in the last year, while EBITDA for out of home fell 36.9%.
The board has decided than no final dividend will be paid.
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