Media group Nine Entertainment said a cost cutting program helped it post an adjusted net profit up 30 per cent to $95.1 million on revenue from continuing operations down 4 per cent to $1.06 billion for the six months ending December 31.
Chief executive Matt Stanton said $43 million in cost savings achieved during the half boosted the profit, despite a weak advertising market for its core free-to-air television business.
“Calendar year 2026 has started on a positive note,” Mr Stanton said. “We’re seeing continued strength in the subscriptions markets and a more positive start in advertising – all underpinned by Nine’s strong content slate. It’s an important time for Nine, and one that is laying the foundation for our future growth.”
Total television revenues dropped 14 per cent to $508.2 million as the ad market remained weak.
Revenue in its publishing businesses that includes The Age, The Sydney Morning Herald and Australian Financial Review fell 2 per cent to $262.2 million over the six month period. It said average revenue per user increased 14 per cent over the period for its digital subscription businesses.
At its Stan online streaming business revenue climbed 15 per cent to $282.7 million.
Over the half the group also announced a deal to acquire the QMS outdoor advertising business for $850 million and sold its commercial radio business for $65 million.
The company will pay an interim dividend of 4.5 cents per share on earnings of 6 cents per share.
More to come.
