APN News & Media saw a return to growth and an improved dividend in 2010 despite facing significant challenges including natural disasters in key markets, its chairman Gavin O'Reilly has told the Australian media company's annual general meeting.
APN, in which Independent News & Media has a 31% shareholding, recorded a net profit after tax of $103.1m in 2010, a rise of 9.5% on 2009.
Revenue for the year increased 2.8%, while earnings before interest and taxation (EBIT) rose 8.7%. The company also announced that its dividend for the full year would be 12 cents.
In 2009 APN experienced some of the most challenging trading conditions ever seen in the Australian media industry and the company continued to face challenges during 2010, Mr O'Reilly said.
In late March, APN announced that financial results for the first quarter of 2011 had been significantly and negatively impacted by floods in Queensland and the earthquake in Christchurch, two of APN's most important markets.
The impact of the earthquake in particular, coupled with an extremely strong Australian dollar, is expected to mean that first half EBIT will be below last year by $15m-$20m. APN's trading is anticipated to improve in the second half of 2011, although it is not expected to match 2010 earnings.
