HT&E, the owner of radio network ARN, says business has picked up so much that it won't be eligible for the extended JobKeeper program.
ARN experienced improved trading conditions in the September quarter compared to the previous quarter, with total revenues down 22.5% on the same three months lkast year.
This result was significantly ahead of the broader metro radio market, which was down over 28% for the quarter.
The company says early trading in the December quarter is encouraging with the possibility for further improvement should current COVID restrictions in Melbourne continue to ease in coming weeks, and other key metro markets remain unchanged.
“ARN’s trading is encouraging as we continue to gain commercial market share," says CEO Ciaran Davis.
"The actions we have taken across the business this year have placed the company in a strong position to enhance our leadership as both the #1 national radio network and podcast publisher in Australia.”
The company in August posted a 29% fall in revenue for the half year to $93 million. It recorded a statutory loss of $59.3 million for the six months to June.
HT&E has a strategy to transition from a linear radio business to an audience centric, digital audio and content business.
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