The return to profit by APN News & Media was widely anticipated by the market, so perhaps that’s why some investors took their profits and sold yesterday.
Net profit for the year after one-off items to December 31 was $92.6 million, against a $24 million loss in 2008.
Net profit before exceptional items and discontinued businesses was $94.2 million, down 34% from $143.1 million.
The company is paying a final dividend of 4c a year, which becomes the total for 2009 as no interim was paid.
The 4c a share compares to the 21.9c paid in 2008.
But the shares fell 2.9%, or 7c, to $2.32 in a market that was in the red for most of the day and finished all but square.
APN Chief Executive Brendan Hopkins said in the statement: "The result for the year was foreshadowed to the market in advance of APN’s Investor Conference, held in Sydney at the end of November, and we are in line with the expectations for the year".
The company said in its statement to the ASX that the media industry had experienced challenging conditions throughout 2009 and APN’s markets were not immune from the GFC.
"However, through a combination of effective cost management and targeted sales campaigns, the company was able to mitigate its full effects," it said in a statement.
"The final quarter of 2009 gave some indication that business is returning to pre-GFC patterns.
"The 2010 year has started more positively.
“While there is still some inconsistency on a week-to-week basis, the broad trend is towards a resumption of normal trading patterns, although forward bookings remain short term."
The company said it had seen an improvement in trading over the fourth quarter and in the early weeks of the New Year that provided confidence that 2010 would be a better year.
‘‘With an expected return to revenue growth and a demonstrated ability to manage costs, APN is well positioned to take advantage of the improvement in trading presently being experienced,’’ the company said in its statement.
Underlying revenue in 2009 was $1.031 billion, down 14% from 2008.
Earnings before interest, tax, depreciation and amortisation (EBITDA) were $230.2 million, down 28% from $320.8 million.
The company declared a final dividend of four cents.
