NZME revenue falls for H1

NZME has released its half year results for 2020, showing a decrease in operating revenue yet still thanking Kiwis for their support through the country wide pandemic.

NZME reported total Operating Revenue1 of $ 157.8 million for the half year, down 13 percent on the comparable period, largely due to the impacts of Covid-19. 

The company saw a five percent growth in operating EBITDA, which includes the $ 8.6 million the business received from the government as a wage subsidy. 

Some other wins for the company included;

1. NZ Herald Premium digital subscriptions continue to grow and now total more than 82,000, including 43,000 paid digital subscribers.
2. Talk radio major market audience share grew 0.8 percent year-on-year to 14.8 percent due to the continued success of Newstalk ZB.
3. OneRoof goes from strength to strength, now hosting more residential for-sale listings in Auckland than any other digital real estate site. The platform now hosts over 83 percent of residential for-sale listings nationwide.

CEO Michael Boggs paid tribute to NZME’s audience, saying they are the reason the company has managed to withstand Covid’s challenges.

 “They have ensured NZME withstands the extraordinary challenges Covid-19 continues to pose. They have also remained absolutely committed to NZME’s purpose of keeping Kiwis in the know by delivering leading news and information that all New Zealanders can trust,” said Boggs. 

NZME’s chairman, Barbara Chapman, also thanked New Zealand businesses for their ongoing support. 

“Owning, running and leading a business has never been tougher. That so many Kiwi businesses have continued to see the value in staying connected to their customers by continuing to invest in advertising with us, is an absolute testimony to the resilience and commitment of our commercial partners,” said Chapman. 

Chapman said NZME went into the Covid-19 pandemic in a strong position. 

“Continued success against our strategic priorities and effective capital management has enabled NZME to rebound quickly and deliver a pleasing interim result. 

“I am proud that NZME has served as an Essential Service during this unprecedented time, fulfilling our responsibilities to our audience and advertisers in connecting a growing number of New Zealanders with leading news, quality journalism and entertainment,” said Chapman. 

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