Nine Entertainment Co. Holdings Limited (ASX: NEC)- Nine reported 27% rise in profit ahead of digital business growth

  • Aug 23, 2018 AEST
  • Team Kalkine
Nine Entertainment Co. Holdings Limited (ASX: NEC)- Nine reported 27% rise in profit ahead of digital business growth

Nine Entertainment’s profit jumped by 27% to $157 million for the financial year ended 30 June 2018. Net Profit from ordinary activities after tax increased to $156 million from $123 million in prior year as revenue from ordinary activities increased to $1.32 billion, up 6% in FY18.

Group’s digital business has recorded a significant revenue growth of 7%, underpinned by contribution from 9Now, PedestrianTV and CarAdvice, utilized to offset declining revenue in traditional display category and contribution loss from Bing.

EBIT grew 25% to $257 million notwithstanding the negative impact of spectrum charge and loss pertaining to Bing’s absence. Earning per share was 18 cents, up 3.8 cents in fiscal 2018.

The company declared a fully franked final dividend of 5 cents per share, bringing the total FY18 dividend to 10 cps, slightly up by 0.5 cents from previous year. The final dividend is payable on 17 October 2018.

Net Debt at 30 June 2018 reduced to almost half from $224.5 million in FY17. This reflects the contribution from profit on sale of the group’s Willoughby site.

Looking into FY19, nine intends to observe continuous growth in its digital business, 9Now, and report group’s EBITDA within a range of $280 million to $200 million.

NEC is trading at $2.390 with no price change observed today i.e. 23 August 2018.

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