Tuesday 24th August 2021
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NZME Limited has today announced its financial results for the half year ended 30 June 2021, reporting Statutory Net Profit After Tax (“NPAT”) of $5.6 million, up 85% on the corresponding period in 2020.
NZME also announced growth in Operating Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) to $30.1 million for the half year, representing 4% growth in Operating EBITDA against the first half of 2020. Operating revenue was $172.5m which was 9% higher than the first half of 2020.
“NZME is delighted to share a set of results that feature earnings growth and a further reduction in net debt,” said NZME CEO Michael Boggs.
“Emerging from the significant disruption encountered in 2020 NZME has maintained a steadfast focus on key strategic priorities. This has meant that as New Zealand’s many commercial sectors are steadily rebuilding their investment in audience engagement, NZME’s advertising revenues continue to approach the levels achieved in 2019, before the pandemic struck,” said Boggs.
NZME’s Net Debt was reduced by a further $15.2 million during the half year to $18.6 million and is now below NZME’s target leverage ratio.
“A rigorous commercial discipline and a continual focus on managing the cost base as business activity recovers has improved NZME’s ongoing Capital Management performance and has supported the continued strengthening of NZME’s Balance Sheet,” said NZME Chairman Barbara Chapman.
NZME today announced that given the significant reduction in debt and based on the business outlook and NZME’s capital requirements the NZME board has declared a fully imputed and fully franked dividend of 3.0 cps.
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