Seven West offers share buyback after lift in ratings, earnings
Seven West Media will buy back up to 10 per cent of the company’s shares, after announcing a boost in revenue to $1.5 billion for the 2021/22 financial year.
Australia's Emma McKeon (R) reacts after winning the Women's 100m Freestyle final at Tokyo Aquatics Centre in Tokyo in July last year. ( The Yomiuri Shimbun via AP Images )
The result was 21 per cent higher than 20/21, but after-tax profits fell to $211 million – 34 per cent less than the previous year.
Seven has regained its place as the most-watched network nationally and in the capital cities, managing director and chief executive James Warburton told investors on Tuesday.
The company was in its strongest financial position in a decade, thanks to the acquisition of Prime Media Group and growth in online on-demand service 7plus, he said.
Seven’s Tokyo Olympics coverage reached 20.2 million viewers in Australia, while The Ashes cricket along with reality shows The Voice, SAS Australia, and Big Brother also contributed to the strong results, the company said.
Audience numbers remained strong during the first part of the current financial year off the back of its Commonwealth Games coverage, it said.
In a call to investors, Mr Warbuton said concerns about inflation affecting the advertising market had been shown to be overblown so far, with tourism and travel returning and gambling also remaining strong.
Seven West acquired Prime Media Group in 2021 in a deal worth about $130 million.
