NZME Updates FY23 Guidance

NZME Updates FY23 Guidance

AUCKLAND, 7 November 2023: NZME Limited (NZX: NZM, ASX: NZM) (“NZME”) notes that the economic environment over the past year has been challenging.

Advertising revenue for the first half of 2023 was down 7 percent year on year. Given this, NZME provided an update in August that it expected to achieve EBITDA at the bottom of the guidance range of $59 million to $64 million for 2023.

The second half has seen improvement in business confidence, but this is not yet consistently reflected in advertising revenue results:
• Quarter 3 advertising revenue was down 2 percent year on
year
• Quarter 4 started with October advertising revenue growth
of 1 percent year on year
• November (the largest revenue month of the year) and
December are currently pacing slower, with a number of
customer campaigns being cancelled or deferred until 2024

Given the current advertising revenue volatility in the market, NZME amends its guidance for EBITDA to be between $57 million and $59 million for 2023.

NZME is continuing its transition to a digital-led business and will update its shareholders at its Investor Day on 15 November 2023.


ENDS

Authorised by the Board of NZME Limited.

For further information:

For media
Kelly Gunn
GM Communications
+64 27 213 5625
[email protected]

For investors
David Mackrell
Chief Financial Officer
+64 21 311 911
[email protected]

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Announcement PDF