Seven West downgrades profit forecast

May 21, 2019 11:23

Seven West Media has downgraded its profit forecast in an update to the stock market this morning.

In the announcement, Seven West advised that it expects underlying Group EBIT for the year ending 30 June 2019 to be in the range of $210 million to $220 million versus $235.6m in the prior year. Earlier this year Seven had forecast flat profits with an estimate of 0 to 0.5% growth.

Seven’s shares slumped 50c, or 3%, on the announcement.

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Paul Wallbank

Paul Wallbank was news editor at Mumbrella between June 2017 and June 2019. Previously he's covered business and technology issues for outlets ranging from The Australian and Sydney Morning Herald to the ABC and Business Spectator.

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4 COMMENTS

Ex-SWM 21 May 19

Oh I do love that they can no longer just blame Yahoo7 for dragging them down – and of course 7Plus has grown in revenue – they only used to get half of it!

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I wonder 21 May 19

…..if Stoke’s would have tried to #blamelabor had they got into power?

#probably

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Golden Gun 21 May 19

Blame the data division – they weren’t being commercial enough about their audiences.

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Anonymous 22 May 19

“Seven has grown revenue share this financial year, including a 41.3% share of the metro FTA market and 42.5% share of BVOD market in April”

Share is irrelevant when revenue is down. Not sure why the networks still talk share, implies they think they’re only competing with other TV networks.

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