Seven West Media: 'Further softness' in the TV advertising market

Chris Pash
By Chris Pash | 13 November 2019
Getty

Seven West Media downgraded its earnings guidance, expecting further softness in the television advertising market in the December quarter.

CEO James Warburton will tell the company's AGM today that Seven West grew to a 39% revenue share in the September quarter but in a down market.

"The market remains short and difficult to predict but we expect further softness in the second quarter," he says.

"We are now forecasting the metropolitan television market to be down mid single digits for the financial year."

Guidiance had been for full year underlying EBIT of between $190 million and $200 million.

"We now expect this to be at the lower end of the range," says Warburton.

"We are making bold changes and we are moving at pace, all with a focus of strengthening our business and growing value for you our shareholders."

The market has been expecting a pickup in advertising sometime during the December quarter, driven in part by retailers searching for a share of the Christmas dollar spend. 

Buit now Seven West has followed Nine in alerting to continuing softness in the market

 

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