NZME reports $12.2m NPAT, 13% drop in EBITDA

NZME has reported a statutory net profit after tax (NPAT) of $12.2 million for the full year ended Dec 31 2023.

The company had a 13% decrease in operating earnings before interest, tax, depreciation, and amortisation (EBITDA).

Operating revenue was also down 5% compared to the previous year. 

The company's chief executive, Michael Boggs, attributed the decline to the challenging economic environment, with low business and consumer confidence, inflationary pressures, and higher interest rates.

Despite the decrease in earnings, NZME highlighted several key highlights, including reaching 43.1% radio market revenue share, stable audio revenues, and growth in digital audio and publishing subscriptions.

Boggs expressed confidence in the company's refreshed strategy and its focus on digital transformation.

NZME also declared a fully imputed final dividend of 6 cents per share for the 2023 financial year.

Looking ahead, Boggs noted positive signs for 2024, with advertising revenues in January and February pacing ahead of last year and an upward trend in business and consumer confidence.