Nine posts $184 million profit, lifts dividend

Nine has reported a a 43 per cent rise in earnings to $565 million for the full year to June.

Revenue climbed 8 per cent to $2.3 billion and it recorded a net profit after tax of $184 million.

Nine owns a television network, radio network, streaming service 9Now, Stan, and has a controlling stake in digital real estate website, Domain. It also owns this site, Nine.com.au, The Sydney Morning Herald, The AFR and The Age,

Nine chief executive Mike Sneesby said the company had been able to carry out its long-term strategy despite the challenges of the COVID-19 pandemic.

"With the foundation of Nine's unique assets, strong cash flows and a supportive Board, we have a clear vision for the future as Australia's Media Company," Mr Sneesby said.

"While this past year has proven challenging, we have been able to establish the base to execute on our longer-term strategy. Our Television and Publishing businesses have both reached critical inflexion points. Growth in 9Now, coupled with some recovery in Free to Air, has resulted in a combined television business that we expect can now consistently grow revenues through the cycle."

Nine Entertainment Co will pay a final dividend of 5.5 cents per share.

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