Seven West Media and Nine Entertainment have both used the Macquarie Conference in Sydney to upgrade their earnings guidance for the current financial year.
Nine now expects its FY22 EBITDA to show 22 per cent growth, as oppose to an earlier forecast of 21 per cent.
In regards to its TV division, it expects growth of more than 20 per cent, noting that ad market conditions remain strong. The company is regaining share in the radio advertising market, expecting the second half of FY22 to be stronger than the first.
Its publishing arm is expected to see EBITDA growth of $55 million.
Seven has also upgraded its forecast for FY22, sliding from previous guidance of $315-$325 million to between $335 million and $340 million.
“The earnings upgrade reflects the strength of advertising markets and the ongoing success of Seven’s broadcast and digital businesses,” CEO James Warburton told the Macquarie Australia Conference.
Nine’s shares rose 3.5 per cent this morning, to $2.66, while Seven’s dropped $2.75 to $0.64.
