APN profit up - delays NZ float

NZME has just expanded its events business, buying up nine regional events. Photo / Peter Meecham

Sydney-based APN News & Media, publisher of the New Zealand Herald, said it had deferred any potential sale of its New Zealand assets by 12 months.

Last September, APN combined its New Zealand businesses, which also include NewstalkZB and daily deal website GrabOne - under a single entity, NZME, and raised the possibility that NZME. could be floated on the NZX and Australia's ASX.

In a statement accompanying the company's annual result today, APN said: "Following a recent review of the progress of integration to date and our confidence in the future growth of NZME, it has been determined that to maximise value for APN shareholders, any potential future divestment of NZME will be deferred for a least 12 months when the full benefits of the integration will be evident."

In its result, APN said its net profit after tax before exceptional items for calendar 2014 was up 27 per cent at A$75.2 million.

The company's earnings before interest, tax, depreciation and amortisation - before exceptional items - was up 1 per cent at A$164.1 million while Statutory net profit after tax of A$11.5m compared to profit of A$2.6m in 2013.

APN chairman Peter Cosgrove said it was an encouraging result for APN, and a continuation of the progress made during the first half of 2014.

Just over 60 per cent of APN's proportionate earnings are now in growth media compared to 40 per cent 12 months ago, he said.

"It is also pleasing to see the growth in shareholder value commensurate with the positive performance of the business, something we have been working hard to achieve."

In September, APN completed the refinancing of its debt facilities a year ahead of their expiry. The new facility expires in 2018.

APN is extensively involved in outdoor advertising in Australia and New Zealand. The company publishes almost 20 daily and more than 80 non-daily newspapers, as well as over 50 websites, mobile sites and apps across Australia and New Zealand.

See today's APN results announcement here:

See its preliminary final report here: