Stuff revenue on the slide, ASX update reveals
Not so much of the right Stuff in the 2018 financial year year-to-date revenue.
Not so much of the right Stuff in the 2018 financial year year-to-date revenue.
Stuff’s parent company – the Australia-based Fairfax Media – has revealed the 2018 financial year-to-date revenue of its New Zealand subsidiary is down 7% on last year.
In a trading update to the ASX, the company also reported its overall group revenues are 4-5% below the 2017 financial year for the first 12 weeks of the new financial year.
The update was made ahead of the expected lodgement of the Domain Separation Scheme Booklet later today.
Domain is Fairfax’s Australian real-estate listings business, which is enjoying a 22% increase in digital revenue and a 13% lift in overall revenue – although its costs are tipped to increase by 13% over last year’s $A206 million.
The update to the ASX appears to have taken Stuff personnel by surprise, with those executives NBR approached about it initially assuming the query was about the company’s 2017 financial year results, which were released last month.
NBR approached Fairfax Media over Stuff’s reported fall in revenue (it is apparently company policy for any comment on financial results to be made by the Australian parent company), but spokesman Brad Hatch replied that “Due to our market disclosure requirements, we aren't in a position to make further comment beyond what we have set out in the trading update.”
For the record, the questions asked were:
RAW DATA
FAIRFAX MEDIA LIMITED TRADING UPDATE
21 September 2017:
Fairfax Media Limited [ASX:FXJ] (“Fairfax” or “Company”) today provided a trading update ahead of the potential lodgement of the Domain Separation Scheme Booklet on 22 September 2017.
This trading update is made ahead of the expected formal commencement of the Scheme process and will replace the usual disclosure provided at the Company’s Annual General Meeting (AGM). The 2017 AGM will be held on 2 November 2017.
Trading Update
FY18 year-to-date overall group revenues are 4% to 5% below last year. Across our reporting segments:
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