NZME downgrades earnings expectations

NZME chief executive Michael Boggs previously said he was confident about the second half of 2023. (Image: NZME)

Tue, 07 Nov 2023

Publicly listed media company NZME has downgraded its earnings guidance on the back of weaker advertising revenue.In August, the media group declared a post-tax profit of nearly $2 million for the first half-year, down from just under $8.5m in the first six months of 2022.NZME owns the New Zealand Herald, BusinessDesk, Newstalk ZB, the OneRoof property website and a suite of entertainment radio stations, including ZM, The Hits and Hauraki, and regional newspaper titles.Given advertising revenue for the first half-year was down 7% on the previou...

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