Fairfax Media shares jumped almost 8% as the publishing group announced a triumphant return to profit for the first time in six years.
The shares were up 7.91% to $0.955.
Chay Flack, equities dealer at CMC Markets, said: “Fairfax has managed to cut down to fighting weight after reducing costs and selling assets over the past year and increasing its online presence,” Flack said.
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.
Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) for continuing businesses was $306.4 million up 1.8% on the prior year. Revenue was down 3% to $1.972 billion.
(Disclosure: Allure Media, publisher of Business Insider Australia, is 100% owned by Fairfax Media.)
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.