Tuesday 5th October 2021
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NZME Limited (“NZME”) wishes to update the market on its performance as Covid-19 alert level lockdowns continue to operate across New Zealand, and to a greater extent in Auckland.
Prior market guidance issued in August 2021 noted that “on the basis of the trends to date and on New Zealand containing any outbreaks quickly, we would expect profit growth over 2020 for the full year 2021. However, this may become challenging depending on the duration of the lockdowns.”
NZME’s business is operating effectively across New Zealand and is continuing to keep Kiwis in the know. Once again, record audience levels are being seen on NZME’s digital platforms, including nzherald.co.nz and iHeartRadio.
With New Zealand’s businesses operating at a reduced level, NZME’s advertising revenues have been impacted during Quarter 3 2021, however they remain 7% above those for Quarter 3 2020 when New Zealand was still recovering from the impacts of the 2020 lockdowns.
NZME has been adapting to the economic and operating environment as the Covid-19 restrictions have continued and accordingly, NZME is pleased to report that it expects to deliver EBITDA in the range of $63m to $67m for full year 2021 (2020 EBITDA of $67.3m) and for continued reductions in net debt by year end. We will continue to monitor the situation and outlook.
In addition, the proposed sale of GrabOne continues to progress and NZME expects to be in a position to update by 15 October 2021.
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