Seven West flags drop in first half revenue
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The news: Seven West Media has flagged a sharp drop in revenue for the first half of FY25, saying trading has been mixed reflecting the impact of the Olympics.
The numbers: The owner of the Seven Network and the West Australian newspaper expects revenue for the first half of FY25 to be down 6.5% from a year ago, based on performance to date and forward bookings.
Excluding the impact of the Olympics coverage and the FIFA Women’s World Cup, underlying revenue is likely to be 1% lower, it said ahead of the company’s annual general meeting (AGM).
Seven West shares are down 1.5% to 16.25 cents in early trading on the ASX, and are now down 41% over the last 12 months.
The context: The company attributed the slowing decline in underlying revenue to strong content on its Seven and 7Plus TV channels as well as premium sports content including the AFL Finals and cricket. The group says it remains on track to deliver full-year cost reductions between $20 million and $30 million.
Seven West, controlled by billionaire Kerry Stokes, in August reported a slide in full-year earnings and declining revenue amid a slowing down in advertising revenue.
The company faces a potential protest vote at the AGM on Thursday against CEO Jeff Howard’s pay and undisclosed performance targets.
The source: ASX announcement
