Seven: “Our company is in much better shape… we are not going to stop now”

Seven is on target to win Total People for 2021 which CEO James Warburton told shareholders today has put the network “back to its winning ways.”

Seven reported EBITDA of $254 million for the year ended June 30, up 105% on the previous year. Net profit is $318 million, reversing a $163.3 million loss the previous year, with debt down by 40% to $240m.

“Any way you cut it – calendar year or survey year, with or without the Tokyo Olympics – we are back at #1 in television. We have an unbeatable lead in total people across both calendar and survey year. We are #1 in key demographics for the calendar year,” said James Warburton.

“We are the only network with substantial share growth in every demographic. We are the only network that has increased its audience shares in all the key demographics for the calendar year. Our free digital streaming service, 7plus, is #1 in BVOD.”

He added, “Why does being #1 in television matter? Clearly it means that more people are tuning into Seven than any other network and that we have the shows people want to watch and talk about.”

Under Warburton Seven is 2 years into its 3 year plan to rebuild the company.

“In terms of content led growth, we have revitalised our line-up of entertainment tentpole shows to complement our dominant content spine of 7NEWS, Sunrise, The Morning Show, The Chase, Home and Away and Better Homes and Gardens,” he continued.

“The new tentpole shows have changed our demographic profile, bringing more 25 to 54s and 16 to 39s to our business and making 7plus the leader in BVOD. While we have revitalised the schedule in record time, it’s worth remembering that revenue share growth lags ratings improvement. We will continue to monetise these successes in FY22 and beyond, and we expect to be #1 in revenue share for the first half of FY22.”

Amongst the successes this year were the Tokyo Olympics, The Voice becoming the #1 regular series of 2021 and AFL as Australia’s #1 sport with a primetime grand final.

“We have an unmatchable 2022 schedule with a massive “Kickstart” strategy for the year with an exciting summer of cricket with the Ashes Test series, BBL and WBBL – plus key horse racing, Supercars including Bathurst 1000 in December and the Beijing Winter Olympics in February. In July we will present the XXII Commonwealth Games from the UK.

He also affirmed reflecting the diversity of Australian society – both on and off screen – as a key priority.

“We are constantly working to improve gender balance at Seven West Media: 51% of our management roles are now held by women and across our total business, 52% of our staff are women. We are part of The Everyone Project, an initiative from the Screen Diversity and Inclusion Network to improve on-screen diversity in all its forms.We are also working on our Reconciliation Action Plan, which will include indigenous scholarships and programs at Seven.

“Our social responsibility extends beyond representation, which is why we are focussed on contributing to a cleaner, more sustainable future. For example, we are engaging with several brands to partner with us on a carbon neutral production for the next series of Farmer Wants A Wife.
In February this year, we were honoured to join with UN Women Australia as the Australian broadcast partner for International Women’s Day 2021. We are also the official media partner of White Ribbon Day 2021, which takes place on 19 November.”

Seven has also made a play for Prime Television, subject to a vote by Prime shareholders in December.

“Our company is in much better shape than it was two years ago and we are not going to stop now.
We will continue to work harder and smarter to make Seven West Media even stronger and more successful – and to grow its value for all our stakeholders.”