ARN posted a 7% drop in revenue to $142.3 million for the six months to June in a "slow market" as the broadcaster cut costs and reported progress building a leaner, more agile organisation.
Growth of 21% in digital helped offset falls in metro (-12%) and regional (-5%).
Revenue for the second half to December is forecast for a low to mid-single digit decline compared to same period last year.
The company reported a "slower market" post the federal election in April.
ARN said it had already actioned $35 million of the three year $40 million savings program announced at the start of the year.
The company was on track in the current financial year to deliver lower people and operation expenses.
“Leadership and digital capability has been strengthened, with the appointments of a new
COO and CFO and a restructure of the Commercial Team,” said CEO Ciaran Davis.
“We're better equipped to execute our strategy and transition from our broadcast to a digitally driven content and commercial model.
“Our ambition is clear: to build Australia’s most profitable audio entertainment business.
“By streamlining operations, maintaining strong capital discipline and reinvesting in areas that create long-term value, we are making strong and deliberate progress toward that goal.”
The company announced a fully franked interim dividend of 1.2 cents per share.
ARN numbers for the half year to June:
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