Macquarie Media profits up 21% thanks to licence fee waiver

Macquarie Media Limited’s annual revenue has plateaued but profit after tax is up 21%, thanks to the Turnbull government’s one-off relief measure, which resulted in a 100% licence fee cut for FY17.

Despite the four-month absence of Alan Jones, the radio network – which boasts stations including 2GB and 3AW – reported total revenue and other income of $131.114m for FY17, a 2% decline from FY16.

Profit after tax rose from $14.274m to $17.323m – allowing for a $3.5m licence fee saving.

Jones was away for four months of FY17