Market Announcement Confirming HY Revenue Growth
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APN News & Media Limited (APN) | 9:09 am, Tuesday 1 July 2008 | APN | 3.240 |
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MARKET ANNOUNCEMENT
APN CONFIRMS HALF YEAR REVENUE GROWTH WITH OVERALL RESULTS BROADLY IN LINE
WITH THE PRIOR YEAR
SYDNEY, 30 June 2008 - APN News & Media Limited [ASX,NZX:APN] today issued a
pre-close trading statement intended to update investors with progress during
the first six months of 2008. APN's Half Year Results will be released to the
market on Tuesday 12 August, at which time a further update on current
trading will be provided.
APN confirms that Results for the Half Year ended 30 June 2008, will be
broadly in line with the prior year. Despite generally tighter trading
conditions, on a constant currency basis revenue for the six months will be
2% ahead of the prior year. Net Profit After Tax (before Non Recurring Items)
will be broadly in line with the same period last year. Operating earnings
will be marginally behind last year's record result due to the increased
costs of investment projects.
APN continues to actively reduce its cost base through restructuring with
headcount reductions of in excess of 200 already having been actioned.
Commenting on the first half performance, Chief Executive Brendan Hopkins
said:
"APN operates a diverse geographic multimedia business model that continues
to perform satisfactorily. This diversity is one of APN's great strengths in
these challenging economic times.
"Within the result revenues for Outdoor and Australian Publishing businesses
remain comfortably ahead of the prior year, whilst our New Zealand businesses
are marginally behind. Our Online business whilst in investment mode,
continues to record strong revenue growth.
"Forward bookings remain in line with expectations. Assuming no further
deterioration in market conditions, APN expects to deliver another
satisfactory year of achievement."
- ENDS -
For Further Information:
Luis Garcia, Cannings 0419 239552
About APN
APN News & Media Limited [ASX, NZX:APN] is the largest media company in New
Zealand, where it owns The New Zealand Herald, the country's largest
newspaper. APN is the largest radio and outdoor advertising operator in
Australasia as well as one of Australia's leading regional publishers. APN is
a leader in online in both New Zealand and in Queensland and has been listed
on the Australian Stock Exchange since 1992, and on the New Zealand Stock
Exchange since June 2004.
