APN agrees with earning forecast of €152m after ad recovery
Published 23/11/2010 | 05:00
APN News and Media said it expects to report full-year earnings in line with market consensus amid improving advertising conditions.
The media company, which is almost 32pc owned by the publisher of this newspaper, told shareholders it agreed with a consensus forecast of 10 media analysts that 2010 earnings before interest and tax and before exceptional items would be around $210m (€152m).
Media companies around the world are reporting a pick-up in profit as the global economy recovers and demand for advertising booms.
"The company expects to report full-year results for the year materially in line with this consensus," APN said in a statement yesterday ahead of meetings with investors.
APN is the largest operator of radio broadcasting and outdoor advertising in Australasia, as well as one of Australia's leading regional publishers.
This leaves the company exposed to the vibrant Australian economy which is benefiting from strong demand for commodities from China.
It also publishes New Zealand's leading metropolitan newspaper 'The New Zealand Herald'.
"Australia is performing well with national advertising in particular continuing to show strong growth," APN said.
"In New Zealand, as the economy continues to improve, advertising growth is returning, though somewhat less consistently than in Australia."
APN raised $100m from institutional investors earlier this month through a bond offer.
It is now marketing bonds to retail investors until December 10.