Half Year 2024 ARN Media Ltd Earnings Call Transcript
Key Points
- ARN Media Ltd (ASX:A1N) maintained a cumulative audience reach of 6.2 million people and remains the number one network in Sydney and Melbourne.
- The company's digital audio strategy saw a 9% growth in live streaming and now has 2.8 million addressable registered users on the iHeart platform.
- Total group revenues increased by 1% on a reported basis and 4% on a pro forma basis, reaching $168 million.
- The company declared a fully franked dividend of $0.012 per share, representing a payout of 70% of NPAT after significant cash items.
- ARN Media Ltd's regional radio and digital audio segments showed strong growth, with regional revenues up 15% and digital audio revenues up 26%.
- Net profit after tax (NPAT) was down on the comparative period due to higher depreciation charges and financing costs.
- Net debt increased to $86.8 billion, which is higher than the company's target range of 1 to 1.5 times EBITDA.
- The statutory reported profit of $5.4 million was down from the previous year, impacted by higher depreciation and interest costs.
- The company's Hong Kong Tramways contract underperformed initial expectations, affecting overall revenue projections.
- Operating cash conversion was impacted by transaction costs related to the proposed SCA acquisition and the working capital rebuild in Hong Kong.
Hello, and thank you for standing by. Welcome to ARN Media half year '24 results. (Operator Instructions).
I would now like to turn the call over to Ciaran Davis, CEO and Managing Director. Sir, you may begin.
Thank you, welcome and to ARN Media results. Good morning, and thank you for joining. Andrew Nye is unfortunately sick today and will be on the call but I'm very pleased to be joined at the last minute by Dilly Coomaraswamy, who is our Head of Finance, thanks Dilly.
Our agenda follows the usual format group operational and financial highlights, a review of the financial performance, followed by a look of ARN much more than radio strategy before closing with the trading outlook and Q&A.
ARN performance from a listener and commercial perspective has been in line or better than markets in metro markets. We have maintained a cumulative audience reach of 6.2 million people and remain the number one network in Sydney and Melbourne. This
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