Prime Media profit rises

Regional broadcaster Prime Media Group Ltd has posted a full year profit of $27.2 million following a company-wide restructure and disposal of non-core and non-broadcasting assets.

The profit was up 53% on the previous year.

Revenue was up nine per cent, at $257 million.

Prime operates within Australia and New Zealand across free-to-air television, radio, and digital new media.

In the aggregated markets of northern NSW, southern NSW and Victoria, Prime’s TV revenue growth reached 8.77%, above The company’s television assets in regional NSW and Victoria saw an 8% jump in revenue to $233.8 million. In regional markets, the group has 36.6% audience share, up from 35.1% in the prior period. This compares with 39.4% share for WIN/NBN and 24% for Southern Cross Media.

Chief executive Ian Audsley said, “The restructure of the business, together with the rebound of the television advertising market in the first half, has delivered a strong result and a solid improvement in Shareholders returns.”

Source: news.com.au, B and T, Ad News