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Seven West Media’s three-year turnaround strategy has given investors the best set of results in more than a decade.

The Kerry Stokes-backed media giant on Tuesday reported a statutory net profit of $211.1 million on total group revenue of $1.54 billion.

Underlying net profit, barring significant items, was $200.8m, up 60 percent on the previous year.

“These results mark the strongest financial performance by our company in over a decade and reflect the successful completion of the group’s three-year strategy,” SWM chief executive James Warburton said.

Camera IconSeven West Media boss James Warburton with chairman Kerry Stokes. Credit: Seven West Media/Seven West Media

“The EBITDA we have announced today of $342.2m is ahead of the guidance we gave in early May of between $335m and $340m.

“These results represent the best Seven television EBITDA results in 11 years, the best EBITDA from West Australian Newspapers in five years, and our best group EBITDA result in six years.”

The company’s online might across the Australian market was also highlighted by a 93 percent rise in revenue from Seven Digital to $178m while EBITDA increased 129 percent to $139m.

“We have made significant progress with our digital transformation, growing our digital earnings to over 40 per cent of group earnings, compared to just 2 per cent four years ago, and building a market-leading digital data offering underpinned by more than 13 million registered , verified7plus users,” Mr Warburton said.


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