HT&E, the owner of broadcaster ARN, posted a 58% lift in revenue to $172 million for the half year to June.
Net profit more than doubled to $26.6 million.
The strong jump was mainly due to the acquisition of regional radio player Grant Broadcasters and its 46 stations.
But HT&E also reported a strengthening in radio and digital audio revenues for ARN Metro, up 5% to $97.2 million for the six months.
Regional radio revenue was up 11% to $54.2 million.
The company declared a fully franked interim dividend of 5 cents per share and reinstated buyback to support "undervalued" share price
In a trading update, the company says radio revenue is up around 6% to 8% in the September quarter, following a “soft” July advertising market.
“Growth is in both metro and regional markets and weighted more toward metro. Limited visibility into Q4 is in line with radio industry forecasting over many years, however, briefing activity remains solid.”
CEO Ciaran Davis: “We have made exceptional progress integrating our regional business. It is a high-quality team that is producing outstanding results with clients and the momentum is building as we get to know the business and its people.
“The scale, speed and success of the integration program has exceeded expectations and the rationale for ownership is stronger than ever.
“Whilst our metro markets remain integral and underpin the business and our advertising offering, we now overlay that with a network of high-quality assets in some of the fastest growing regional markets in Australia.
“It is early days, but this is a very strong and exciting position to build on.
“We are in a privileged position where our core radio business is being enhanced by complementary new digital audio offerings. Digital audio is our future with radio at its core and we are successfully executing our strategy to build an audience and commercial bridge between linear and digital audio.
“We are investing $7 million-$8 million of additional operating expenditure, with iHeart at the centre of our digital global platform technology, a high value digital asset where we have complete control.
“Our confidence stems also from the current high rates of podcast consumption, with 40% of all people listening to podcasts monthly, overtaking podcast listening in the US for the first time. New investment is critical to capitalise on our leadership position in podcasting and to support the creation of CADA, our new national youth platform.
“Despite the current uncertain global macro-economic outlook, we remain extremely confident in our strategy and ability to successfully integrate ARN Regional with our existing business to create the leading metropolitan and regional audio business in Australia.”
The numbers for the half year to June 2022:
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