ARN Media reported April year-to-date revenue running about 2% below last year.
However, digital audio revenue continues to experience strong growth.
In a trading update to the company’s AGM, the broadcaster reported significant progression its cost cutting program’s target of $40 million cash cost out over three years.
“We continue to target flat people and operating costs in 2025, with a number of organisational changes made in April and May,” the company said.
ARN Media CEO Ciaran Davis said a comprehensive review of the whole business has taken place and all expenditures and processes examined.
“Even our proposed change of auditors today is a reflection of the scrutinisation being undertaken,” he said
“This transformation underscores our commitment to drive shareholder value and will focus on three areas: Digitising and simplified operating model; Investing to growing audiences and engagement; Delivering Total Audio commercial solutions .
“To help execute this transformation, we are partnering with a global specialist to take over delivery of several core operational functions—finance, technology, and media services—allowing us to introduce smarter tools, reduce complexity, and scale efficiently.”
ARN in February reported a 9% increase to $365.6 million in group revenue for the year to December.
The result was driven by a solid revenue performance at Australian Radio Network at $307.9 million, and a revitalised Hong Kong business launching two new contracts during the year.
Total advertising revenue was up $0.9 million in challenging market conditions.
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