NZME reports 46% full-year profit drop

NZME reports 46% full-year profit drop
NZME chief executive Michael Boggs announced his company's results today. (Image: NZME)
Daniel Dunkley
New Zealand Media and Entertainment (NZME) has reported a net profit of $12.2 million for 2023, down 46% on the $22.7m recorded in 2022, as a weak advertising market took its toll on the business.The media group behind the NZ Herald, BusinessDesk and Newstalk ZB also blamed low business confidence, inflationary pressures and rising interest rates for the drop in net profit after tax (NPat) for the 12 months to December 31.Earnings before interest, tax, depreciation and amortisation (Ebitda) came in at $56.2m, 13% lower than 2022...

More Markets

Advent International eyes NZ deals with Aussie outpost
Markets

Advent International eyes NZ deals with Aussie outpost

US private equity giant says NZ key market for growth.

These shares are 'priced for awful'
Markets

These shares are 'priced for awful'

Kathmandu, SkyCity and Fletcher shares are under pressure. Some are taking the plunge.

NZ sharemarket drifts lower
Markets Market close

NZ sharemarket drifts lower

The S&P/NZX 50 Index closed at 11,776.73, easing 12.65 points or 0.11%.

Graham Skellern 02 Jul 2024