‘Critical inflexion points’: Nine lifts dividend after posting $184 million profit

Nine Entertainment Co will pay a final dividend of 5.5 cents per share after more than doubling its full-year profit to $184 million.

In results posted to the ASX on Wednesday morning, Nine said its revenue for the recently completed financial year climbed 8 per cent to $2.3 billion. Earnings (before, interest, tax, depreciation and amortisation) were up 43 per cent to $565 million, driven by a sharp rebound for its broadcast television business.

Nine owns The Sydney Morning Herald and The Age, a television network, radio network, streaming service, Stan and has a controlling stake in digital-real-estate website, Domain.

Mike Sneesby was appointed Nine chief executive in March.Credit:Louie Douvis

After excluding one-off items and minority investments, profit came in at $261 million, ahead of consensus analyst forecasts for $255 million.

Nine chief executive Mike Sneesby said the company had been able to execute its long-term strategy despite economic factors caused by COVID-19.

“Our Television and Publishing businesses have both reached critical inflexion points,” Mr Sneesby said. “With the foundation of Nine’s unique assets, strong cash flows and a supportive Board, we have a clear vision for the future as Australia’s media company.”

Nine’s streaming service Stan, which contributes a large amount to the company’s market value, reported 2.4 million active subscribers for the full year, 250,000 of which were subscribers to the sports package.

The company said it intends to pay a final dividend of 5.5 cents per share, fully franked on 20 October 2021. That will bring its total dividend for the year to 10.5 cents per share.

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