Seven won’t return a dividend for the fifth year and posted earnings and profit declines, but CEO James Warburton says the tough TV market is turning around.
Despite a longer, 53-week financial year, Seven West posted revenue of $1.49 billion, down 3.3 per cent on last year. Earnings before interest, taxation, depreciation and amortisation were $279.7 million, down 18.2 per cent, and profit after tax was $146.3 million, down 27 per cent. The result was slightly below market forecasts.Seven West’s share price was trading 4.5 per cent down at 38¢ in the first hours of trade on Wednesday, taking its market cap just below $600 million..
Seven took a 38.5 per cent share of the revenue available in the TV market last financial year, whichAs the free-to-air TV audience declines, networks like Seven are investing more in their connected TV apps, such as 7plus. Seven. 7plus grew its minutes streamed by 1.4 per cent to 13.1 billion, not including the Olympics the previous year.
That didn’t faze Mr Warburton. “We don’t have sports streaming,” he said. The digital broadcast rights to the AFL from late next year would be a “Christmas present” for Seven. “Then you’ll see those numbers change dramatically.” Mr Warburton had a crack at Network Ten, which had “some of the worst shares we’ve seen on record”. “The big two are going head-to-head and the third player is sort of falling by the wayside and getting weaker,” he said.
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