Fairfax Media Revenues Slip At The Start Of The Financial Year

Greg Hywood. Photo: Getty

Fairfax Media says its group revenues have slipped 2% to 3% since the start of the 2015 financial year in July.

CEO Greg Hywood says metro print advertising declines have moderated, the digital advertising environment is competitive, and regional and rural advertising markets continue to be challenged.

He says Metro Media, which includes Domain, is up around 2%. Domain’s overall revenue is up 21%, with its total digital business up 35% and digital listings business up 27%.

However, publishing revenues are down 4%.

Australian Community Media revenues are down around 9%.

Revenues in the New Zealand business are down around 0.5% including currency benefit.

Radio revenues are down 2% to 3% but improving.

“We remain committed to being a lean and agile organisation that is focused on digital revenue opportunities, building new businesses, and maximising cash flows from our print business,” Hywood told the company’s AGM.

“We are confident in our strategy and our ongoing transformation.”

Fairfax shares at first fell on the news but then recovered to be trading at $0.815, up about 0.62%.

Fairfax in August announced a return to profit for the first time in six years.

The publisher posted a $224.4 million profit for the 2014 financial year, an improvement on the $16.4 million loss recorded in the prior year. Revenue was down 3% to $1.972 billion.

(Disclosure: Allure Media, publisher of Business Insider Australia, is owned by Fairfax Media)

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