Revenue at HT&E, the owner of radio network ARN, jumped 21% to $109.9 million in the half year to June as the advertising market returned from the depths of the 2020 pandemic.
Net profit after tax was $10.2 million, a massive $69.4 million increase from the same half last year when the company posted a $59.3 million loss.
Payouts have resumed for shareholders with the company declaring a half year fully franked dividend 3.5 cents a share.
And the march higher continues, with advertising increasing despite lockdowns.
In July, ARN revenues grew 19% compared to the same month last year.
Bookings have eased slightly in August but pacing suggests a similar result for the month.
Extended lockdowns, particularly in Sydney and Melbourne, may impact full year performance but forward bookings for the rest of the year are currently tracking well ahead of the same time last year with briefing activity remaining positive.
Recent digital revenue performance has continued into the September quarter, with average monthly revenues for the
quarter pacing to finish at more than $1 million a month.
“What ARN’s network has achieved in terms of ratings performance is nothing short of exceptional and confirms our strategy of investing in the right talent, both on and off air, to drive performance," says CEO Ciaran Davis.
"We are indisputably the dominant player in Australian radio, holding the #1 network position in Australia for thirteen consecutive surveys.
“We are also a leader in digital audio, making strategic investments in original content across our platforms to generate market-leading opportunities for our commercial partners.
"Our digital revenues are up 149%, well ahead of expectations, as we build a richer, smarter and more powerful audio business.
“As Australia’s #1 podcast publisher, we are delivering consistent growth for the iHeartPodcast Network Australia across our diverse content offering.
"The impressive numbers tell the story, with year-on-year, national total downloads on the iHeartPodcast Network Australia for June up 58%.
“We will continue to invest to deliver scale, multi-platform content, digital and data capabilities and in technology that makes it easier to plan and book with our assets.”
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