Australian based APN News & Media report 27pc hike in net profits for 2014
Australia based media group APN News & Media has reported a 27pc hike in net profits in 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 launching a capital raising of A$132m (€87m) to finance the acquisition.
INM owns 18.6pc 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 to A$164.1m, 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.
"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.