Seven West Media returns to profit despite revenue falls with more cuts to come
Seven West Media CEO Tim Worner’s cost cutting has proved effective with the group’s earnings before interest, tax, depreciation and amortisation (EBITDA) and net profit increasing despite falling revenues, the company announced this morning.
In its annual results presentation this morning, Seven West also warned it will increase the group’s FY19 cost reduction target to $125m, up from the previously announced $105m.
Seven West CEO Tim Worner says the company has returned to profit
The debt reduced as per the Half year report ( asx)
Group net debt reduced to $711m; 2.3x leverage vs 4x covenant
Hi James, thanks for the comment. We’ve amended the story to clarify the group’s net debt fell for the half year.
Kind regards,
Paul Wallbank
News Editor