Nine has announced its financial results for the six months to December 31, 2020, with the entire media conglomerate posting profits of $182 million, up 79% from the prior corresponding period, on revenue of $1.2 billion (down 2%). The group EBITDA (earnings before interest, tax, depreciation and amortisation was $355 million, up 42%.
Its radio operation stood out from its other broadcast and digital operations, however, with revenue for the six-month period down 24% to $44.0 million from $57.6 million for the same period in 2019. EBITDA was down 62% from $7.6 million to $2.9 million.
Nine’s chief financial officer, Maria Phillips, said the results for its radio division were disappointing.
“The results from Nine Radio were disappointing, however they disguise some promising trends,” she told investors in a presentation this morning. “Nine has done a great job of refreshing talent with our core talk network growing cumulative audience in thousands in every market, and by a total of 15%.