Seven West Media (SWM) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with introductions of board members, company secretary, and auditors, emphasizing focus on delivering market-leading content across broadcast, digital, and publishing.

• Organisational restructure and FY25 cost-out program highlighted as key agenda items to drive operational and financial performance.

Financial performance review

• FY 2024 group revenue was AUD 1.415 billion, down 5% due to soft advertising markets, with statutory net profit after tax of AUD 45 million, down 69%.

• Underlying net profit after tax was AUD 78 million, down 46%, and EBITDA before significant items was AUD 187 million, down 33%.

• Net debt increased to AUD 301 million, mainly due to the AUD 67 million investment in ARN Media shares.

• Cost growth was limited to 2%, with a 4% year-on-year decline in the second half.

• Digital audience growth was strong, with 7plus minutes up 39%.

Board and executive committee updates

• Jeff Howard promoted from CFO to Managing Director and CEO, leading a new operating structure with three divisions: television, digital, and Western Australia.

• Several management changes and a group-wide restructuring were implemented to invigorate the business and drive transformation.