NZME lowers ebitda guidance due to weak advertising

Media company NZME has lowered its guidance for ebitda in the 2024 financial year, citing weaker-than-expected advertising revenue.

In an update, the company said advertising revenue in the third quarter of FY24 was 1% lower than the same period last year.

This was attributed to the delayed economic recovery.

However, NZME said the fourth quarter has started positively, with advertising revenue for FY24 expected to grow by around 5% year on year.

As a result of the slower recovery of market conditions and the advertising revenue performance in the third quarter, NZME now expects ebitda to be between $53 million and $55m for FY24.

The company will provide further updates at its annual results announcement in February 2025.