ONE ROOF to earn less due to property market downturn

PHOTO: NZME says lower advertising revenue will see lower earnings than previously expected. Photo / NZME

According to the NZHERALD NZME has downgraded its full-year earnings forecast, citing expected lower advertising revenue.

However, the media company is increasing its dividend payout ratio despite what it describes as significant business and consumer uncertainty in the market.

NZME, which also owns several radio stations – including Newstalk ZB – and the OneRoof real estate platform – had previously maintained its 2022 full-year guidance for earnings before interest, tax, depreciation and amortisation (ebitda) of $67 million to $72m.

But today it announced to the NZX a new lower range of $64m-$67m. This compares to the reported $62.6m in 2021, excluding GrabOne, which was divested.