Full Year 2024 NZME Ltd Earnings Call Transcript
Key Points
- NZME Ltd (ASX:NZM) reported a 2% increase in operating revenue to $345.9 million despite challenging advertising market conditions.
- The company's digital transformation strategy is yielding results, with digital platforms now representing 31% of NZME's advertising revenue.
- OneRoof, a key division, showed significant growth with a 51% increase in digital listings revenue and a 41% increase in upgraded listings.
- Podcast revenue increased by 67%, contributing to a 32% growth in digital audio revenue.
- NZME's digital subscription revenue for publishing saw a 10% increase, with a 16% rise in digital subscription uptake year on year.
- NZME Ltd (ASX:NZM) reported a statutory net loss after tax of $16 million, including a non-cash impairment adjustment of $24 million.
- Operating EBITDA decreased to $54.2 million from $56.2 million the previous year, reflecting difficult trading conditions.
- The company experienced a 4% decline in advertising revenue within its publishing division due to challenging market conditions.
- Net debt increased by $6.1 million to $24.1 million, driven by lower earnings and higher capital expenditure.
- The company had to close community newspaper products and reduce staffing due to tough market conditions.
Good morning, everyone. Welcome to New Zealand Media and Entertainment's 2024 results webcast.
My name is Kelly Gunn, GM - Communications at NZME. Presenting on the call, today, will be Michael Boggs, NZME's Chief Executive Officer; and David Mackrell, NZME's Chief Financial Officer.
(Operator Instructions) I will now hand you over to our CEO, Michael Boggs.
Thanks, Kelly. Good morning and thanks for joining us, today, everyone. We look forward to taking you through the results for 2024.
For those of you joining through our webcast, as usual, you'll be able to follow the presentation pack on the screen that's in the front of you. I'll start by outlining the three significant areas of focus before providing an overview of our results and our view of the trading environment. I'll then move on to cover our market performance and the progress of digital transformation, which is, obviously, a key part of our strategic priorities.
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