Commercial radio broadcaster Austereo Group Ltd
(ASX:AEO) has posted a 15.2 per cent fall in full year profit this morning and says it expects a tough year ahead.
Net profit for the 12 months to June 30 came to $41.4 million, down from $48.8 million the year before.
Revenue fell 2.9 per cent to $258.9 million from $266.7 million the year before.
Chairman Peter Harvie says the company is bracing for a challenging year ahead and says Austereo’s positive set of audience and sales figures will provide a powerful springboard to deal with expected challenging media conditions for the first half of fiscal 2010.
CEO Michael Anderson says while some advertising categories came under pressure, the company saw growth in the food, services, entertainment, medical and media categories.
Austereo declared a final dividend of 5.1 cents a share compared to 6 cents last year.
Austereo’s profits have been gradually increasing over the last three years.
