Seven West Media’s publishing division has posted a 8.3% decline in revenue for the full year to $315.2 million.
Revenue at West Australian Newspapers (WAN) fell 9%, or $18.3 million, to $185.8 million.
Pacific, which prints magazines such as Marie Clare and New Idea, posted revenue of $129.4, down by 7.2%, or $10.1 million, from the year before.
Advertising for The West Australian was $103.2 million and circulation revenue $57 million, both down from $114.5 million and $60.9 million from last year respectively.
In June this year the newspaper introduced a digital subscription following the arrival of its new editor Anthony De Ceglie. Seven says the new leadership has resulted in a 6% readership lift over the year.
Pacific’s advertising revenue was also down, sitting at $34.3 million compared to $37.3 million last year. Circulation revenue for the magazine publisher was $91 million, down from $98.1 million last year.
Despite the decline in revenue, Pacific increased its digital audience by 42%, with digital now representing around 30% of advertising revenue.
Seven West Media says Pacifc has delivered “market-leading performance” across print circulation and advertising revenue, with digital revenue growing 27%. Costs have been reduced by by 7.3%.
The media company’s new CEO, James Warburton, acknowledged a “tough year” in the economy and advertising markets, which impacted its performance.
“But we have incredibly strong assets, and our focus moving forward is to speed up the rate of transformation while exploring opportunities for growth in our core and adjacent markets,” he says.
“We will revitalise our entertainment programming, creating momentum to engage heartland Australia and enrich the demographic mix, ensuring we are the most relevant and exciting offer to advertisers."
Warburton also revealed he’s on the hunt for acquisition opportunities.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at firstname.lastname@example.org