Revenue down 13 per cent at INM subsidiary APN News & Media

21st Feb 2013 12:03

APN News & Media, the company in which Independent News & Media has a 28.95 per cent shareholding, has revealed a fall in revenue in the full year ending December 31st.In a financial update issued on Thursday, APN News & Media reported that revenue was down to (AU)$929m from $1,072.4m a year earlier while earnings before interest, tax, depreciation and amortisation (EBITDA) were down 25% to AU$156m. Net profit after tax before exceptional items was AU$54m, in line with guidance. The group reported that the revenue decline came from the deconsolidation of APN Outdoor following the formation of a joint venture with Quadrant Private Equity.Continuing operations revenue up year-on-yearRevenue from continuing operations was up 2.0% to AU$857m and EBITDA from continuing operations was down 14%. APN Chairman Peter Cosgrove said: "The structural changes to media together with the weak advertising markets have impacted the results. Work has been done to reposition the business and we are seeing encouraging improvements. We have also been disciplined in reducing costs while investing in growth where appropriate. "Australian Radio Network, Adshel and GrabOne all delivered good performances in 2012, with strong increases in revenue, earnings and market share. These results have been achieved in a difficult environment. "Our publishing divisions are pushing through extensive change agendas which have been well received by our audiences and are gaining traction with advertisers. Cost reduction programs delivered A$25m in savings in 2012 with another A$25m reduction expected this year."INM's share price was unchanged at €0.03 at 12:25 on Thursday. MF