Ten Network Holdings has revealed disappointing results for the half year to 29 February with drops in revenue for both its television and out-of-home properties.
Ten is forecasting a group EBITDA of $64 million, down from $106 million in the corresponding period in 2011, while television EBITDA was $57 million, down from $94.9 million. Television revenue slumped 12% while out-of-home revenue dropped 7%.
Ten said the metropolitan advertising market “remains short, with limited visibility”. The Ten board said because of the “difficult market conditions it is prudent that no interim dividend for the current period will be paid”.
Ten CEO James Warburton said in a statement that the first-half results reflect “tough trading conditions and a difficult final quarter of calender 2011 as the company re-set its cost base and focused on creating a more sustainable business".
"The success of our Super Sunday line-up and our performance in the 5pm to 8pm timelsot, including The Project, this year has been pleasing. Many of the new programs we announced last year for 2012 will start to appear over the next few months, including Breakfast – which starts on Monday – Bike Wars: Brothers in Arms and the return of Offspring and MasterChef Australia.”
Since the start of the 2012 ratings season, Ten has struggled to lift its game against competitors Seven and Nine.
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