Seven also upgraded its financial guidance on Wednesday on the back of a strong advertising market, heightening its forecast for full-year earnings (before interest, tax, depreciation and amortisation) to between $335 million and $340 million.
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Warburton said tourism and automotive advertising was coming back into the market and he anticipated it would “offset any downside” in a higher interest rate and inflationary environment.
“Companies are going to need to get going again and there’s a number of advertisers,” he said. “We’ve got massive briefs coming, so it’s just a matter of making sure that we get our fair share as an industry.”
Asked about the company’s strategy to target 40 per cent of Australian television revenue without the Toyko Olympics, Warburton said the media company was winning the demographic for 16 to 39-year-olds, improving its position with Prime in the regional Australia and bringing back content such as Australian Idol which it hadn’t made because of COVID.
Seven West Media’s shares, which were already trading lower in the morning session on the ASX, closed 2.3 per cent lower at $0.64.
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