Ten Network Holdings Limited (TEN) posted a net loss of $89.4 million for the year to 31 August 2009. The company said the result included $138.4 million of nonrecurring expense items and a net non-recurring income tax revenue of $1.9 million, while the 2008 result included non-recurring income tax revenue of $183.9 million.
Ten said excluding impairments normalised net profit for the year was $47.2 million, still down on a profit of $89.6 million the previous year.
Looking at the results, the company said revenue was down 10.2% to $903 million, while EBITDA fell 29.8% to $151 million.
The company said the results delivered were in line with guidance provided to the market in updates in August and September.
CEO television, Grant Blackley, said that during 2009, TEN grew share in all key-buying demographics as well as in total people.
“TEN now leads in people 18-49, is once again number one in 16-39s and is highly competitive with an increased share in 25-54s,” Mr Blackley said.
“It is again the number one network in daytime, with TEN News At Five the top daytime program."
Mr Blackley also said Ten’s Digital Media operation began to realise greater potential, achieving double digit revenue growth.
EYE Group chief executive officer, Gerry Thorley said the OOH division had not escaped the impact of the harsh trading conditions in most of its markets worldwide, including the large-format billboard sector in Australia.
Ten Holdings executive chairman, Nick Falloon, said the advertising market continued to be difficult during the final quarter of the year.
"We have previously noted evidence of a strengthening of the fundamentals in the Australian advertising market,” Mr Fallon said.
“Today, we affirm this guidance and further note a recent increase in advertising demand has resulted in more positive advertising yields.”
Mr Falloon said this was further supported by a lengthening of the buying and briefing cycle for the remainder of the calendar year and into 2010.
At 1402 AEDT, Ten shares were down 4.5c to $1.54.
