Float still on cards for NZME

APN's chief executive Ciaran Davis. Photo / Supplied

An initial public offer and float of NZME - publisher of the New Zealand Herald - is still a possibility, says the company's owner, Sydney-based APN News & Media.

APN's newly appointed chief executive, Ciaran Davis, in releasing the company's result for the six months to June, said APN would re-evaluate a possible float and make a decision in February next year.

Last October, APN hired brokers Credit Suisse/First NZ and Forsyth Barr to advise the company on a possible IPO and sharemarket float of its New Zealand assets.

As well as the Herald, NZME's assets include Newstalk ZB and the online bargain website GrabOne. APN is expected to remain a major shareholder if an IPO takes place.

APN announced the New Zealand Herald's first-phase launch of its digital subscription strategy, under which digital registrations will be introduced on its website before the end of this year.

Davis said NZME's publishing business was looking strong, considering the economy looked to have slowed in the second quarter.

APN said its revenue at a group level for the six months from continuing operations was up 5 per cent on the corresponding 2014 period, to A$427.6 million. The group's net profit after tax before exceptional items was up 3 per cent to A$25.1 million.

Revenue at NZME was down 1 per cent to $214.9 million in the first half to June 30.

NZME's earnings before interest, tax, depreciation and amortisation were down 13 per cent to $30.7 million in the six months.