• Seven's total TV audiences up 1.5% with strong BVOD growth (+43%) offsetting modest linear decline (-1.8%)
• Digital sports rights driving step change in high value audience and revenue on 7plus
• Group revenue down 6% to $727 million, with total TV advertising revenue down 6%

Seven West Media Limited (ASX: SWM) has released its results for the six months ended 31 December 2024. The results reflect the challenging advertising market and impact from major one-off sporting events, in line with the AGM outlook. However, Seven's leading content, including 7plus Sport and 7plus First, are driving audience and revenue momentum into the second half of FY25. Group revenue of $727 million was down $48 million (-6%) on H1 FY24. Seven's total TV advertising revenue was down 6%, attributable to the ongoing soft market, which was down 5.4% in the half, and the impact of major one-off sporting events. During the period, Seven increased its total TV revenue share to 41.5% (up 0.5 points), a record share for a non-Olympic broadcaster. In line with the revised operating model and announced efficiency program, operating costs were tightly managed to $635 million, a decline of $16 million (-2%) on H1 FY24. Group earnings before interest, tax, depreciation and amortisation (EBITDA) before significant items of $92 million was down $32 million (-26%) on H1 FY24. Statutory net profit after tax of $18 million was down 67% on H1 FY24, while underlying net profit after tax after excluding significant items was $37 million, down 41%. The company is making solid progress under its new operating structure to reshape Seven West Media into a better, more agile and returns-focused business that can adapt to the changing media landscape.

Based on bookings to date, Seven is seeing an improving advertising market with Q3 tracking low single digits above last year. With cost guidance reaffirmed at $1.2 billion to $1.21 billion for FY25, the company expects to see earnings in the current half modestly exceed those in the same period last year.

Seven is carrying momentum into the second half with 7plus growth accelerating, underpinned by a step change in the monetisation of its new AFL rights. This includes new ancillary 'footy' programs across the week on Seven and 7plus, which the company expects to attract high value audiences and new opportunities for advertisers. Seven also anticipates a positive impact from the yet to be announced Federal Election.