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Seven West profit up, but dividend on hold

Simone Ziaziaris  |  20 Feb 2018Text size  Decrease  Increase  |  
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SYDNEY - [AAP] Seven West Media's (ASX: SWM) first-half profit has risen to $100.7 million but the broadcaster has temporarily suspended its dividend to focus on managing expenses.

Net profit for the six months to December 30 bounced back from $12.4 million in the writedown-heavy prior corresponding period, but Seven West has halted its dividend payout to prioritise "prudent capital management and balance sheet flexibility" following federal government media reforms.

Chief executive Tim Worner said Seven West had increased the amount it aims to save, from $105 million across the 2018 and 2019 financial years, to $125 million.

"The pace of our transformation is accelerating, as we adapt our model to a leaner, more agile company," Mr Worner said on Tuesday.

Mr Worner said Seven had delivered a strong start to the rating season with the Winter Olympics, and the Commonwealth Games yet to come.

First-half revenue fell 10.4 per cent to $809 million and Seven reaffirmed its full-year underlying earnings guidance of between $220 million and $240 million.

SEVEN LIFTS PROFIT, SUSPENDS DIVIDEND

* Net profit of $100.7m v $12.4m

* Revenue down 10.4pc to $809m

* No interim dividend declared 

 

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is an AAP journalist.

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© 2020 Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

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