Seven West Media downgrades profit forecast

Company News

by Rachael Jones

Seven West Media (ASX:SWM) has today warned its underlying earnings for the year could be in the range of $210 million to $220 million versus $235.6 million in the prior year.

They say this revised guidance is because of soft conditions and short market experienced across the advertising sector and the economic uncertainty with the Federal Election.

They say Financial Year 2019 Group net cost reduction will be at the top end of the $30 million to $40 million range provided at the 2019 Half Year Results in February.

Seven has grown revenue share this financial year, including a 41.3 per cent share of the metro FTA market and 42.5 per cent share of Broadcaster Video on Demand market in April.

Shares in Seven West Media (ASX:SWM) are trading 1.98 per cent lower at 49 cents.