Nine profits tumble 7% amid ‘disappointing’ ratings and revenue performance
Nine Entertainment has reported an after tax net profit for 2016 of $120m, down 7% from last year, with the network describing the performance of its core, free-to-air business as “disappointing”.
Nine also warned of a “flat-to-down” FTA ad market over the next year after a 2% decline in metro markets in 2016 and a sharp 6.2% fall in the regions.
Releasing its financial results to the market this morning, Nine said revenue fell 6.5% to just under $1.3b, with group earnings before interest and tax falling 7.1% to $201.7m.
“According to Nine, the early 2016 ratings outcome was largely the result of fewer hours of premium Australian content with Nine set to address the issue by increasing its commitment to local premium content, on an hourly basis, by around 50% in 2017.”
More episodes of The Block then. Oh joy!
Clearly a hangover from the ‘Wiltshire’ days……new sales director and team will improve their outcomes……….they deserve better.