NZME updates FY22 guidance & announces new dividend policy

NZME Limited (NZX:NZM, ASX:NZM) has updated its financial guidance for the year ending December 2022 and announced a new dividend policy.

Despite business and consumer uncertainty, the company expects advertising revenues to return to pre-COVID levels, and EBITDA to be between $64 million and $67 million.

NZME has returned around $40 million to shareholders in the last 14 months, and intends to increase the dividend payout ratio to 50-80% of free cash flow.

The current on-market share buyback programme will end on 16 December 2022, with a further buyback programme considered during 2023.