Tuesday 7th November 2023
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AUCKLAND, 7 November 2023: NZME Limited (NZX: NZM , ASX: NZM) (“NZME”) notes that the economic environment over the past year has been challenging.
Advertising revenue for the first half of 2023 was down 7 percent year on year. Given this, NZME provided an update in August that it expected to achieve EBITDA at the bottom of the guidance range of $59 million to $64 million for 2023.
The second half has seen improvement in business confidence, but this is not yet consistently reflected in advertising revenue results:
• Quarter 3 advertising revenue was down 2 percent year on
• Quarter 4 started with October advertising revenue growth
of 1 percent year on year
• November (the largest revenue month of the year) and
December are currently pacing slower, with a number of
customer campaigns being cancelled or deferred until 2024
Given the current advertising revenue volatility in the market, NZME amends its guidance for EBITDA to be between $57 million and $59 million for 2023.
NZME is continuing its transition to a digital-led business and will update its shareholders at its Investor Day on 15 November 2023.
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