Profits up 27pc at APN News & Media
Australia based media group APN News & Media has reported a 27pc hike in net profits in its full year results for 2014.
The company, which is part-owned by Ireland's Independent News & Media (INM), said the boost was driven by increased sales at its radio and outdoor advertising units in particular. That offset declines in the group's print media unit.
APN News & Media said it was holding off on a stock market flotation of its New Zealand business for at least a year.
In 2014 APN News & Media took full control of its Australian radio businesses from US-based Clear Channel and launched a capital raising of A$132m (€87m) to finance the acquisition.
INM, which publishes the Irish Independent, owns more than 18pc of APN, after reducing its stake last year.
APN reported net profit before exceptional items of A$75.2m for the 12 months to the end of December 31, up from A$59.3m a year earlier.
Earnings before interest, taxes, depreciation, and amortisation rose 1pc, and revenue was up 3pc to A$843.2m.
The company said it has had a positive start to 2015, with New Zealand revenue ahead of last year.
"During 2014, our focus was on delivering enhanced earnings through investing in our growth assets of radio and outdoor, identifying synergies, generating cash flow and managing costs across all APN businesses," chief executive Michael Miller said in a statement.
"The full acquisition of ARN, TRN and our Hong Kong Outdoor businesses, as well as our acquisition of 96FM, reflect our confidence in outdoor and radio as growth media."
Shares in APN News and Media were up 2.78pc to 92.5 Australian cents overnight, following the results.
In addition to radio stations and outdoor advertising businesses, APN publishes almost 20 daily newspaper and more than 80 other publications, as well as operating dozens of websites, mobile sites and apps.
Last year APN merged its New Zealand radio and print media businesses and daily deal website GrabOne, which it said is proving successful in part due to the ability to offer a large combined market to advertisers.