Half Year 2023 GTN Ltd Earnings Call Transcript
Thank you. We made solid progress during the first half of fiscal year '23 as group revenue increased 11%, compared to the first half of fiscal year '22, which was a 14% increase compared to the prior year period. Group revenue has now almost rebounded to pre-pandemic levels as first half of fiscal year '23 revenue was only 4% lower than first half of fiscal year '19.
The revenue increase led to an 18% increase in adjusted EBITDA when compared to first half of fiscal year '22. The government wage subsidies during the period partially hides the actual improvement in results. If the government subsidies of JobKeeper and Canadian Emergency Wage Subsidy are disregarded, adjusted EBITDA increased 26% over first half of fiscal year '22. Although operating expenses increased during the period, they were still less than 1% higher than first half of fiscal year '20.
Australian revenue increased 21% over the prior period, which resulted in a solid growth in EBITDA. We feel this is a very good result and the continued rebound in Australia is most welcome as this is
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