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APN revenue grows by 6pc

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...

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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