• Group revenue up +9% and EBITDA up +30% driven by revitalised Cody Outdoor in Hong Kong
• Solid revenue and EBITDA performance in Australian operations delivering strong cashflow of $27.5m
• Above market revenue growth on KIIS network in Sydney and Melbourne following launch of the Kyle & Jackie O Show

ARN Media Ltd reported strong FY24 results with group revenue up 9% to $365.6m and EBITDA up 30% to $93.1m. This was driven by the revitalised Cody Outdoor business in Hong Kong, which saw revenue grow from $15.8m to $47.0m with the launch of new contracts with Hong Kong Tramways and Kowloon Motor Bus. The Australian operations also delivered a solid performance, with revenue of $318.7m and EBITDA of $63.5m, generating $27.5m in free cash flow. The company saw above market revenue growth on the KIIS network in Sydney and Melbourne following the launch of the Kyle & Jackie O Show across both markets. Digital audio revenue grew 28% and the business achieved EBITDA and cashflow profitability in the second half. The company commenced a 3-year business transformation program to deliver $40m in cost savings, and appointed a new COO to drive profitable commercial growth and accelerate digital audio opportunities. The company declared a fully franked final dividend of 1.1cps, bringing the total for the year to 2.3cps.

The company expects the Cody Outdoor business in Hong Kong to be cash positive in 2025 after the initial investment phase.

ARN Media is targeting to be free cash flow positive in 2025 as the investment phase in the Cody Outdoor business in Hong Kong is now complete. The company is also focused on driving profitable commercial growth and accelerating digital audio opportunities.