Regional publisher APN News & Media has experienced a 6 per cent increase in revenue, despite “softened” advertising conditions, the company said at its annual general meeting yesterday.
The company reported a 2014 net profit after tax of $74.7 million.
However, there still will be no dividend for shareholders, as the company works towards reducing debt and improving its financial position.
In a speech to shareholders, chairman Peter Cosgrove said the board was “conscious that the company had not paid a dividend for some time”.
APN’s policy is dividends will occur when leverage between net debt, and earnings before interest, tax, depreciation and amortisation is less than 2.5.
Radio surged as a proportion of the company’s earnings, growing from 26 per cent in 2013 to 47 per cent the following year.
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