Nine Entertainment Co. FY24 financial highlights

Nine Entertainment Co. (ASX:NEC) has released its financial results and strategic updates for the fiscal year 2024 at its Annual General Meeting. The company reported a 3% decrease in group revenue to AUD 2.6 billion, with EBITDA also down by 12% to AUD 517 million. Despite a challenging advertising market, NEC emphasized growth in its digital and subscription sectors.

Outlook and strategic focus for Nine Entertainment Co.

Nine Entertainment Co. (ASX:NEC) has outlined its strategic focus on digital and subscription growth amidst a challenging advertising environment. The company's FY24 results reflected a decline in revenue and profit, but highlighted significant growth in digital and subscription sectors. NEC aims to continue diversifying its revenue streams and enhancing audience engagement through integrated content platforms. With ongoing cost management strategies, the company expects stable EBITDA margins in FY25 and growth in digital revenue. The re-election of directors and adoption of the Remuneration Report underline NEC's commitment to strong corporate governance. Looking ahead, NEC plans to leverage technology and AI to enhance its product offerings and maintain its leadership in key demographics.

Executive insights on Nine Entertainment Co.’s performance

NEC reported a group revenue of AUD 2.6 billion for FY24, a 3% decrease from FY23. Group EBITDA was AUD 517 million, down 12% from the previous year. Net profit after tax (NPAT), pre-minorities, was AUD 216.4 million, a 22% decline. Basic earnings per share decreased by 25% to 11.7 cents.' 'Emphasis on scale and diversification through integrated content, audience platforms, and data. Growth in subscription and licensing revenue, now over 30% of the total revenue. Strong performance in digital and subscription sectors, with notable growth in Stan and Stan Sport. Initiatives to maximize monetization across multiple revenue streams.