How are Nine Entertainment's (ASX:NEC) shares faring post FY22 update?

Image Source: © Utah778 | Megapixl.com

Highlights: 

  • Nine Entertainment reported a 24% gain in its group EBITDA before specific items.
  • Nine’s business witnessed positive momentum and recovery in the given financial year. 
  • Shares of Nine Entertainment were trading 1.960% lower on the Australian Stock Exchange (ASX) at 1:45 PM AEDT today. 

Australian media and entertainment company, Nine Entertainment Co. Holdings Limited (ASX:NEC), announced today that its net profit after tax (NPAT) had gained 34% in FY22 compared to the previous corresponding period (FY21). Along with that, the company today also revealed some other significant figures from its FY22 results. 

Followed by this update, shares of Nine Entertainment were spotted trading in the red territory on the Australian Stock Exchange (ASX) on Thursday afternoon. The company’s share price stood at AU$2.000 per share after falling 1.960% at 1:45 PM AEDT today (10 November 2022). 

Meanwhile, Nine Entertainment’s share price has tumbled 32.26% on the ASX in the last 12 months and on a YTD basis, its share price declined over 32% on the ASX (as of 1:45 PM AEDT today). 

Details of Nine Entertainment’s FY22 financial results: 

Today, Nine Entertainment’s chairman, Peter Costello, revealed some significant updates from the company’s FY22 results at the annual general meeting. 

Peter mentioned that Nine’s group EBITDA before specific items in FY22 gained 24%, and the company’s NPAT and minorities went up 34% compared to previous financial year. 

The chairman also said that the company had experienced a recovery in its traditional advertising market with growth in digital earnings by 43%, which accounts for more than 50% of the group EBITDA. 

The company’s subscription business contributed 32% of its revenue in FY22. 

Furthermore, Nine Entertainment declared a 14 Australian cents per share dividend to its shareholders in FY22, up 33% from previous financial year. 

Peter also added that the quality of content delivered by Nine Entertainment via its various platforms had driven a higher number of audiences, revenue, and profit to the company. All business units of Nine Entertainment have experienced positive momentum and significant improvement in FY22, said Peter. 



 


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and