NZME is not expecting to pay a final dividend for the 2018 financial year as it targets debt reduction in the face of declining revenue and earnings.
The Auckland based media group, publisher of the New Zealand Herald, said in a trading update it is forecasting full year earnings before interest, tax, depreciation and amortisation of $52-$56 million.
This is down on last year's $66m.
The company announced a debt reduction target of $10m-15m per year following a capital review and the board does not anticipate declaring a final dividend as a result.
NZME has refinanced its debt, with a new facility of $150m stepping down by $10m annually from January 2020. Net debt has been estimated at $100m at year end.