Seven West Media, the owner of Australia’s Seven television network, has reported a 67% plunge in net profit to $18 million for the first half of the 2025 financial year due to a sot soft advertising market and the effect of major sporting events.
Seven West, 40% owned by SGH, said earnings before interest, tax, depreciation and amortisation (EBITDA) dived 26% to $92 million as revenue dropped 6% to $727 million in the six months to 31 December 2024.
Earnings per share fell to 1.1 cents from 3.5 cents in the previous corresponding period and no dividend was declared.
Managing Director and Chief Executive Officer Jeff Howard said the results reflected the ongoing soft TV advertising market and the impact of major one-off sporting events, the FIFA Women’s World Cup on Seven and the Olympic Games on Nine.
“Mitigating the full impact of these headwinds was an increase in total TV revenue share to 41.5% (up 0.5 points) and the benefits of year-on-year operating cost savings initiatives,” Howard said in an ASX announcement.
He said Seven’s TV audiences were up 1.5% year on year, excluding one-off sporting events, and its content strategy successfully mitigated the Olympic Games impact in the first quarter.
Audiences continued to be attracted to Seven’s sport, news, tentpole programs and library content on 7plus and it grew audiences for AFL, cricket (Tests and Big Bash League), My Kitchen Rules, Home and Away, The Front Bar and the TV WEEK Logie Awards.
Seven West said it expected to see modest growth in second half-year earnings, based on current expectations and market conditions.
Seven West shares (ASX: SWM) closed on Monday at 16 cents, up 0.5 cents (3.13%), which gives the company a market capitalisation of $253.96 million.
