Seven West Media has reported a 27 per cent plunge in after-tax profits after a year of falling revenues and rising costs.
The group, which operates the Seven TV network and West Australian newspapers, ended 2022/23 in the black to the tune of $146 million.
That came on the back of a three per cent fall in revenue to $1.48 billion and a one per cent rise in costs to $1.2 billion.
More broadly, the group has endured a year of shifting fortunes.
It is yet to find out if it will face significant costs in relation to the Ben Roberts-Smith defamation case.
But it is currently riding a wave of ratings success with huge audiences for the FIFA Women's World Cup.
Australia's semi-final win over France attracted an average of 4.17 million viewers while the 472,000 who watched on 7plus made the match the biggest streaming event in Australia.
Managing Director and Chief Executive James Warburton said the group had delivered solid results in a challenging environment.
“Our content strategy continued with the return of key tentpoles and the introduction of new programming," Mr Warburton said.
"The programming slate continued to deliver audience consistency and strength, and ensured Seven retained its position as the number one network for national audience share for the third year running."
Mr Warburton said Seven West's operating costs had been well managed and the increase last year was in line with forecasts.
He said digital earnings grew 17 per cent and now accounted for almost half the group's underlying earnings.
The group's newspapers also grew digital subscriptions by 17 per cent but total earnings were down nine per cent following significant increases in newsprint costs.
Mr Warburton said the group was optimistic about the coming year and beyond with its content strategy and digital assets underpinning its ambition to grow audience and revenue share.
“We continue to invest in our digital future and with our solid balance sheet and ongoing investment and cost discipline we are well placed to capitalise on a market improvement, and well placed to compete for a larger share of the total video advertising pool," he said.
“Our strategy is simple but clear. To become the most connected news, sport and entertainment brand in Australia."
