NZME reports $1.9m profit and $171m revenue in first half of 2024

Media company NZME has reported a statutory net profit after tax of $1.9 million for the first half of the year, ending June 30, 2024.

Operating revenue for the same period was $171 million, which is $5 million higher than the first half of 2023.

Operating ebitda remained relatively flat at $21.4m, compared to $21.3m in the previous corresponding period.

The company saw growth in digital revenue, reaching $50.1m, up $5.9m from the first half of 2023.

Its OneRoof platform performed well, with digital growth leading to a profit for the half and a reduced audience gap with the No 1 property platform in the market.

Digital audio revenue increased by 33%, year on year.

Distributions to shareholders remained unchanged, and the company's net debt and leverage ratio were within the target range.

NZME expects to be at the lower end of the previously issued ebitda range for the year if $57m-$61m.