Nine has released its FY19 results for the 12 months to June 2019.
On a Statutory basis, Nine reported a Net Profit After Tax of $234m, up 12% on the previous corresponding period.
On a Pro Forma, Continuing Business and pre Specific Item basis, Nine reported Group EBITDA growth of 10% to $424m, on Revenue of $2.3b (-1%) and Net Profit After Tax and Minority Interests of $198m (+16%).
Highlights include:
• Strong FTA revenue share (+1.0pts) coupled with lower costs (-4%), partially offsetting weakness in the FTA market
• 56% growth in Digital & Publishing EBITDA underpinned by >60% growth in both Metro Media and 9Now
• More than 1.7m active subscribers at Stan, and cash flow and EBITDA positive in H2
• Solid contribution from Domain in a cyclically challenging housing market
• Completion of the merger with Fairfax, and subsequent sale of ACM and Events
• $50m synergy exit run-rate, with $22m reflected in FY19 results
Hugh Marks, Chief Executive Officer of Nine said: “To achieve 10% EBITDA growth in this cyclically challenging FTA and housing market was a very strong result. It’s a validation of our strategy, the success of the investments we have made, and the efforts of our people.
“Nine has real operating momentum in each of our divisions, with an earnings composition increasingly weighted to high growth businesses. In particular, we are well placed to further expand our share of the rapidly growing digital video market. Not only through 9Now and Stan but also more broadly across our digital assets. We will continue to draw on the strength of our traditional media assets to help us successfully build complementary, high growth, digital media businesses of the future. A strategy that has, of course, been greatly enhanced by the merger with Fairfax.
“Growth in Digital & Publishing and the move to profitability through the second half at Stan enabled us to grow Nine’s EBITDA year on year, giving us further confidence that we are investing in the right content and technology for the future of our business.
“We are excited about the future, and the potential we see in the further execution of our strategy. Having all of our businesses working together will maximise the benefits for each of them as well as the collective benefit for Nine as a Group.”
To read the full media release and results presentation click here.
Hugh Marks, CEO, will host a webcast to discuss the FY19 results at 9.30am AEST. Click here to access webcast.
