Nine’s maiden results slightly above forecasts

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Date

February 27, 2014 – 10:01AM

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Media company Nine Entertainment has reaffirmed its full-year guidance, after its first results as a listed company showed a turnaround half-year profit and a rise in revenue.

The owner of free-to-air broadcaster Channel Nine, Sydney’s Allphones Arena and ticketing business Ticketek has reported a $31.7 million consolidated net profit for the six months to 31 December 2013, compared with a $94 million loss in the previous corresponding period.

Revenue from continuing operations was $802.7 million, compared with $656.7 million in the previous corresponding period.

Chief executive David Gyngell said “following a moderately stronger first half result than had been assumed in the prospectus full-year forecast, the company remains confident of delivering the prospectus forecast.”

In its prospectus, Nine Entertainment tipped pro-forma revenue in 2014 of $1.56 billion, and pro forma net profit of $139.5 million.

“As expected, the 2014 ratings year has started strongly with the resurgence of the Australian cricket team, solid performance of The Block, the launch of a one-hour evening and strong Australian drama line-up, in what is generally the company’s softest share quarter,” Mr Gyngell said.

“The free-to-air metro market appears to have started 2014 positively, albeit at a more modest growth rate than in the first half.

“In overall terms, the third quarter is tracking in line with prospectus forecast expectations. As is customary for the industry, visibility of fourth-quarter revenues remains limited.”