The West

Prime reports small lift in  profit
Prime reports small lift in profit

Regional broadcaster Prime Media Group says the television advertising market is currently showing little signs of growth after it posted a slender rise in full year net profit.

Prime, which owns WA regional broadcaster GWN7, made a net profit of $27.7 million in the 12 months to June 30, up 1.9 per cent from $27.2 million in the prior corresponding period.

Revenue rose 6.4 per cent from the previous year to $273.5 million.

Prime chief executive Ian Audsley said the company's television stations grew its audience and advertising revenue market share in the 2011/12 financial year.

The Seven Network affiliate said the television advertising market was showing "limited visibility", and had grown by between zero and one per cent growth in the first two months to the 2012/13 financial year.

Prime also noted some of its competing Nine Network affiliates had shown a stronger performance in the current year.

The company's full year result was impacted by a $5.3 million non-cash writedown of its radio assets.

Prime said its Queensland regional radio business had a challenging year, due to the impact of the high Australian dollar on tourism, as well as poor consumer and advertiser sentiment.

"This non-cash accounting charge reflects the uncertainty of the advertising market in regional Queensland over the near to medium term," Mr Audsley said.

"We remain committed to the radio business and are confident that its performance will improve with any positive change in the advertising market."

Prime declared a final dividend of 3.3 cents per share, fully franked.

Investors cheered the result, with Prime climbing 8.76 per cent, or six cents to 74.5 cents, its highest close since March 15.

The West Australian

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