Seven West media has returned to full year profit with $135.78 million, by improving ratings, cutting costs and reducing debt.
The result, compared to a $745 million loss the year before, was on a 3.4% slip in revenue to $1.62 billion. No dividends were declared.
CEO Tim Worner says the company has maintained a single-minded focus on ratings, revenue and costs savings.
“I’m pleased to report that we have delivered underlying EBIT ($236 million) at the upper end of our guidance, we have over-delivered on our cost out targets and significantly reduced our debt,” he says.
The company delivered $61 million of cost savings, including a 7% cut in staff, on an initial $40 million target.
Further cuts at the free-to-air television network and media company are expected to will deliver a $10 million to $20 million net costs.
“At the same time we have delivered a record-breaking ratings performance in the 2018 calendar year to date, and grown our share across every key demo at the expense of our competitors, resulting in a 12th consecutive financial year at number one,” says Worner.
The company is forecasting 2019 EBIT growth of 5% to 10%.
The 2018 numbers:
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.