Fairfax Media shares fall on weak sales

Saeed Khan/AFP/Getty Images

Fairfax Media shares fell hard after the company’s AGM was told that sales are down.

A short time ago, the shares were down 8.6% to $0.74.

Overall group revenue so far for the 2017 financial year is 6% to 7% below last year.

This is slightly ahead of the company’s last trading update.

Revenue at the real estate listing business Domain is up 2% with its total digital business up 11%.

However, revenue at metropolitan media is down 8%, community media 10%, New Zealand media 4% and Macquarie Media 1%.

CEO Greg Hywood says each of the businesses is pursuing clearly defined objectives to maximise strengths and drive shareholder value.

“We will continue to reshape our publishing businesses while we drive new revenue streams,” he says.

The company in August posted a full year loss of $893.5 million. Revenue was down 2% to $1.830 billion.

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