TEN reports $168m loss
TEN reports a loss for the third year running but looks to an improved audience since May.
This was its third consecutive full-year loss but a 41% improvement on the previous year’s $285 million loss due to one-off costs such as the Sochi Winter Olympics and the Commonwealth Games.
Television earnings before interest, tax, depreciation and amortisation (EBITDA) showed a loss of $79.3 million.
Revenue fell 4.2% to $601.7 million, while costs increased by more than $100 million.
It indicated advertising market conditions remained short but said the metropolitan free-to-air television advertising market is expected to show marginal growth during 2014-15.
Whilst claiming to be the “only television network to have achieved audience growth among total people and 25 to 54s,” this year, it has seen improved audiences since May.
“The impact of the strategic plan was initially evident with the success of the KFC T20 Big Bash League and the Olympic Winter Games, both of which generated good ratings and revenue for TEN during late 2013 and early 2014,” CEO Hamish McLennan said.
“From May on, TEN has seen ratings growth due to the success of programs such as MasterChef Australia, Offspring, The Bachelor Australia and The Living Room.
“The strategic planning and scheduling of Family Feud at 6pm has delivered strong ratings and improved audience flow into The Project, which has also grown audience in both half hours.
“MasterChef Australia was up 31% on 2013, The Bachelor Australia grew on last year and became a pop culture phenomenon, and The Project recently posted its biggest ever audience,” he said.
“Some of TEN’s new shows have also produced timeslot growth, including Party Tricks and Gold Coast Cops.
“TEN has announced several new shows for 2015, including the ITV hit I’m A Celebrity… Get Me Out Of Here!, Shark Tank and the return of V8 Supercars to TEN.
“Sponsorship renewals for our key properties in 2014-15 are encouraging.”