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Key developments
Overall, the media sector in Australia and New Zealand have maintained their position over the last year well despite the deterioration of economic conditions. Economic growth is sluggish relative to previous years, but the impact on advertising is now mostly factored in.
GTN
GTN’s stock lifted around 4% in the last month after the company released positive 1H24 results in late February, where the company’s revenue grew 5% compared to 1H23 to $94.8m, and NPAT grew 46% compared to 1H24 to $4.4m. This result was driven by strong growth in media advertising revenue from Brazil and the UK.
Seven West Media
Seven West Media’s stock fell another 13% in the last month, with investors continuing to show displeasure with the company’s challenging 1H24 results. It was the final results release for the group’s CEO, James Warburton, who is set to be replaced at the end of the 2024 financial year by his chief financial officer, Jeff Howard.
Nine
Nine’s stock rose around 4% in March despite any price sensitive announcements. The company did buy back around $15m worth of its own shares, as a part of its ongoing share buy back initiative which commenced in September 2022. The group plans to buy back 10% of its own issued capital, and is nearly two-thirds of the way through.
Venture Insights is an independent company providing research services to companies across the media, telco and tech sectors in Australia, New Zealand, and Europe.