Nine Entertainment Co. reported a revenue of $1.4 billion and a net profit after tax of $114 million for the 6 months ending 31 December 2023.
The company experienced a 15% decrease in Group EBITDA to $316 million, reflecting weaker economic and advertising market conditions.
Profit after tax and minorities, before specific items, was $134 million, down from $183 million in the previous period.
Nine's Metro FTA broadcast and BVOD audiences grew, leading to a revenue share increase in both sectors for calendar 2023.
Subscription & licensing revenues (excluding Domain) grew by 8%, contributing to 30% of the Group's revenue.
Domain's EBITDA contribution to Nine grew by 37%, mainly due to a stronger housing market in Sydney and Melbourne.
Digital revenue in the Audio segment grew by 45%, with Nine leading in radio industry streaming audiences.
The company achieved $30 million in underlying cost efficiencies across the half.
An interim dividend of 4.0 cents per share was announced, fully franked.
Nine's balance sheet remains strong, supporting ongoing share buy-backs and sports-related working capital requirements.
The company highlighted the need for government attention to ensure fair compensation from digital platforms using their content, especially in light of the rapid growth in generative-AI services.
Nine's Total Television business was impacted by the advertising cycle, but audience performance remained strong.
The company is focusing on cost efficiencies and investing in growth areas, including content, data, and technology.
Nine plans to showcase major sporting events in 2024, including the Paris Olympic and Paralympic Games, aiming to reach around 20 million Australians monthly across various platforms