Full Year 2023 NZME Ltd Earnings Call Transcript
Key Points
- NZME Ltd (NZSE:NZM) reported operating free cash flow of $17.3 million, a 17% increase from the previous year.
- The company declared a fully imputed final dividend of $0.06 per share, bringing the total normal dividends for the year to $0.09 per share.
- NZME Ltd's radio market revenue share grew to 43.1%, the highest since measurement began in 2016.
- Digital audio revenue increased by 23%, showcasing strong growth momentum.
- OneRoof digital listings revenue grew by 5% despite a challenging real estate market.
- Operating revenue decreased by 5% to $346.6 million due to a weak advertising market.
- Net profit after tax was $12.2 million, significantly impacted by the revenue decline.
- Digital publishing advertising revenue was weaker, partially offset by digital subscription revenue growth.
- Print publishing advertising revenue reduced, contributing to a 6% decline in total advertising revenue.
- The EBITDA for 2023 was $56.2 million, 13% lower than the previous year.
Good morning, everyone, and welcome to New Zealand Media and Entertainment's 2023 Annual Results Webcast. My name is Kelly Gunn, GM Communications at NZME. Presenting on the call today will be NZME's Chief Executive Officer, Michael Boggs; and NZME's Chief Financial Officer, David Mackrell. All attendees will be in listen-only mode for the duration of the presentation. Then we will open the webcast to shareholders and analysts for questions.
(Operator Instructions). I will now hand you over to our CEO, Michael Boggs.
Thanks, Kelly, and good morning, everyone, and thanks for joining David and I today as we'll be talking to you about NZME's 2023 annual results. If you are on the webcast, you'll be able to follow us as we take you through the presentation. Firstly, I will put in a summary of our results and overview of the advertising revenue and an overview of the progress across each of our platforms in 2023. David will then cover the financial
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