Nine Entertainment Co has released its results for the 12 months to June 2021. For the year, the company reported revenue of $2.3b and a net profit after tax of $184m, which included a post-tax specific Item expense of $94m.
Nine results highlights
• Television Combined (FTA + BVOD) EBITDA growth of 73% on revenue growth of 12%
• 2.4m active subscribers driving 29% revenue growth at Stan
• 40% growth in digital earnings to 44% of group total
• Completion of licensing deals with Google and Facebook
• Launch of Stan Sport with 250,000 active subscribers
Mike Sneesby (above), chief executive officer of Nine Entertainment Co, said: “After a year which began in the depths of Covid, we are pleased to report 43% growth in EBITDA for FY21. Whilst this growth was consistent across both halves, the drivers in each half were quite different, highlighting the strength of Nine’s mix of advertising and subscription-based assets.
“We were also successful in continuing to expand our business footprint, particularly in growth areas of the market. In total television, we have carefully invested in and expanded the reach of 9Now, while continuing to grow subscribers at Stan, and launching Stan Sport.
In publishing, that growth has manifested as greater audience reach and higher subscriber numbers, which has been augmented by the successful completion of licensing agreements with Google and Facebook, giving us a stable, incremental revenue stream.
“While this past year has proven challenging, we have been able to establish the base to execute on our longer-term strategy. Our television and publishing businesses have both reached critical inflexion points. Growth in 9Now, coupled with some recovery in free to air, has resulted in a combined television business that we expect can now consistently grow revenues through the cycle.
In publishing, digital subscription revenues have now passed $100m, with growth outpacing the decline in print sales. Coupled with our ability to more fully monetise the digital distribution of our content, this will enable us to continue to both invest in Australia’s leading journalism and focus on the profitable growth of the business.
“It‘s an exciting time to have taken the reins at Nine, and I commend the team for how they have navigated the challenges of 2021. We are starting FY22 with strong momentum across all of our businesses – in terms of audiences and revenue, advertising and subscription.
“With the foundation of Nine’s unique assets, strong cash flows and a supportive board, we have a clear vision for the future as Australia’s media company.”