Macquarie Media has posted a full-year growth for the third year in a row, with 2018 revenues increasing by 4 per cent and yearly profits bumping 24 per cent, ahead of a proposed merger between majority-owner Fairfax Media and Nine Entertainment.
The company, which is 54 per cent Fairfax-owned, has seen group revenues (excluding discontinued operations) increase $5.2 million to $136.3 million. The figure was impacted by a $2.3 million (2.2 per cent) increase in operating costs.
The 24 per cent increase in net profit after tax to $21.5 million was aided by the increases in revenues, the sale of Satellite Music Australia for $6.2 million and other discontinued operations.
The group reported a $2.9 million increase in underlying earnings before interest, tax, depreciation and amortisation to $32.4 million, equivalent to 10 per cent.
Macquarie Media chairman, Russell Tate, described the figures as “a solid result” which “reflects ongoing performance improvements across most of our business units”.
Mr Tate is excited by the prospect of a merger, saying it would “present opportunities for Macquarie to both deliver, and benefit from, significant synergies.”