Seven profit up
Seven West Media has reported a 19.6% rise in annual net profit of $115.1 million, while CEO David Leckie hints at future plans.
- Published by David Knox
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Seven West Media has reported a 19.6% rise in annual net profit of $115.1 million.
The media group, which includes the Seven Network, The West Australian and Pacific Magazines, reported revenue from ordinary activities of $725.7m for the 12 months to June 25, up from $408.69m.
Television revenues were up 8.4 per cent but it only includes two and a half months of contribution from the Seven Media business which was created when West Australian Newspapers acquired Seven Media Group for $4.1 billion.
CEO David Leckie said, “Our focus over the coming 12 months is to build on our leadership, create great content, manage our costs in a challenging advertising market and drive greater links and synergies between and across our businesses.”
Asked his plans to renew his contract in late 2012, Leckie told The Australian, “155,000 people want my job. The answer is the board has a succession plan in place. Very much so. And we’ll be outlining that over the next six months”.
He indicated the likelihood he would take up a new role when he eventually exits his current position.
Source: The Australian, Business Spectator
5 Responses
@Lucy – “Bring on the succession plan!” Why? What’s he doing wrong?
Yes, I realise the others are “Chairman” whilst he’s a mere CEO, but would you rather have Lachlan move to 7 to replace him as CEO? Warburton is waiting in the wings to take over at TEN, so Lachlan could be available (LOL).
@kenny Difference is Leckie dosent own the company thank god! If he did he would die in the CEO chair Bring on the succession plan! ; )
“155,000 people want my job.”
Does that include everyone who comments on TV Tonight?
“…the board has a succession plan in place.”
Adam Boland? 😉
Gees, what’s the rush to push him aside? Rupert Murdoch is 80+, Bruce Gordon is 83, Kerry Stokes is 71, Paul Ramsay is 75, etc. He seems to be doing something right. If it’s working don’t fiddle with it.
Could I be forgiven for expecting alot more from the Number 1 Network?
I guess Seven’s costs must be extreme as they look to be the only ones prepared to spend money to make money. I can’t wait for Nine’s results..