GTN (GTN) H2 2024 earnings summary

Executive summary

• Achieved 4% revenue growth to AUD 184.2 million, 15% increase in adjusted EBITDA to AUD 22.3 million, and 115% rise in NPAT to AUD 5.7 million for FY24, driven by strong performances in Brazil and the UK and effective cost management.

• NPATA rose 42% to AUD 10.2 million year-over-year.

• Transitioned to a new executive team, reset cost base, and extended key affiliate agreements.

• Ended FY24 with net cash of AUD 23.6 million, repaid AUD 16 million in bank debt, and removed all financial covenants from debt facility.

• Declared a final dividend of AUD 0.017 per share, totaling AUD 0.028 for FY24, and continued share buyback initiatives.

Financial highlights

• Revenue increased 4% year-over-year to AUD 184.2 million; adjusted EBITDA rose 15% to AUD 22.3 million; NPAT surged 115% to AUD 5.7 million; EPS reached 2.8 cents.

• Adjusted NPAT up 42% to AUD 10.2 million.

• Net free cash flow before financing, tax, and dividends was AUD 26.6 million.

• Strong liquidity with AUD 31.6 million cash and AUD 8 million outstanding bank debt as of June 30, 2024.

• Over 4.7 million shares repurchased for AUD 1.9 million in FY24.

Outlook and guidance

• July and August 2024 revenue pacing more than 10% ahead of the same period last year, with Australia, Brazil, and the UK showing solid growth.

• Canada slightly behind prior year; management plans further cost efficiencies in FY25.

• All four markets well positioned with strong affiliate lineups and sales teams.

• Unable to forecast future revenue due to short sales cycles; results beyond August 2024 depend on market conditions.