Fairfax Media posted flat profit $86 million, down 0.6%, and a 2.4% decline in group revenue to $941.7 million for the first half.
Expenses fell 1.2% to $780.1 million. Excluding investment in new opportunities and one-off expenses, group costs reduced by about 4%.
Fairfax announced on-market buyback of ordinary shares over the next 12 months of up to $121 million shares representing approximately 5% of the ordinary shares.
The company declared an interim dividend of 2 cents fully franked.
CEO Greg Hywood says the result is a solid outcome.
“It is the result that we had planned for,” he says. “There are no surprises.”
Early revenue in the second half is 2% to 3% below prior year
For the first half, metropolitan media revenues were down 2.6%, Domain digital revenue up 37.8%, Australian community media revenues down 7.5%, New Zealand revenues down 4.8% and radio revenues down 1.5%.
(Disclosure: Allure Media, the publisher of Business Insider, is 100% owned by Fairfax Media)