Prime Media reports revenue growth of nearly 5%

Prime Media Group has reported an increase of total revenue for the half-year ended December 31, with earnings also up for the six months.The media company posted revenue of $130.7m, up 4.9% on the prior corresponding period while earnings before interest, tax, depreciation and amortisation (EBITDA) was up 7.1% to $31.2m.

Operating costs for the period were down 2.3% before one-off redundancy costs.

Prime Media CEO Ian Audsley said in a statement posted to the ASX: “An industry-leading revenue share of 44.8 for the half year, combined with solid operating expenditure reductions, has enabled the company to deliver a result that outperforms the sector and the guidance we provided to the market in November 2016.

“It’s a good result, given the challenges of monetising the Rio Olympic Games broadcast in a declining advertising market, coupled with the uncertainty of the affiliation changes experienced by our two main competitors.”