Seven Group, the biggest shareholder in Seven West Media, today withdraw its earnings guidance for the 2020 financial year, citing the impact of current, and potential additional, COVID-19 measures.
CEO Ryan Stokes says the measures put in place by governments have suppressed the short term outlook for non-essential services.
This includes "advertising market and major sporting events" for Seven West Media, 40% owned by the Seven Group.
Seven West Media last month joined a string of ASX-listed media companies by withdrawing its earnings guidance over the escalating "uncertainty" relating to the COVID-19 pandemic.
The company reported a "material fall in advertising market activity" and the suspension or postponement of productions and events.
Seven Group's WesTrac, which has the Caterpillar dealership in Western Australia, NSW and the ACT, has been largely unaffected with year-to-date revenue up 15 per%.
Coates Hire’s general hire operations continue to perform broadly to expectations.
The company will pay a 21 cents a share fully franked interim dividend later this month as planned.
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