Tuesday 10th November 2020
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NZME Limited (NZX: NZM , ASX: NZM) advises that it now expects to deliver FY20 Operating EBITDA of $63-66 million (an improvement on guidance issued on 25 August 2020 of $60-63 million).
The improved forecast is driven by a better than anticipated revenue recovery from the COVID-19 crisis whilst costs continue to be closely managed. Advertising revenues for Q4 2020 are expected to be down 7% year-on-year.
The NZME Board has also confirmed a revised capital management plan and dividend policy:
NZME intends to pay dividends of 30-50% of free cash flow subject to being within its target leverage ratio range of 0.5 to 1 times rolling 12 month Trading EBITDA and having regard to NZME’s capital requirements, operating performance and financial position.
The Board has determined that a target leverage ratio in the range of 0.5 to 1 times rolling 12-month Trading EBITDAii is appropriate in the current environment. The new target level of debt allows NZME the flexibility to invest in areas of the business to grow shareholder value, whilst also returning value to shareholders through future dividend payments where economic conditions permit.
See the links below for more details:
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