APN News & Media says ongoing weakness at its newspapers made for a tough first quarter but conditions are looking brighter in New Zealand and at its radio stations.
The Australian regional business, comprising mastheads in Queensland and northern New South Wales, had a tough first quarter, with revenues down 13 per cent, APN chairman Peter Cosgrove says.
"The slowdown in the mining sector, declines in government spending and floods earlier in the year account for more than half the decline," Mr Cosgrove told shareholders at the company's annual general meeting in Sydney on Thursday.
Conditions were looking a bit brighter across the Tasman, with the improving New Zealand economy helping slow the revenue decline at APN newspapers such as The New Zealand Herald.
And APN's stable of radio stations in both Australia and New Zealand grew market share in the quarter.
The boss of APN's Australian radio network, Ciaran Davis, said although advertising bookings remained short, there were signs of improvement in the market and radio was well placed for revenue growth in the first half of 2013.
Mr Cosgrove became chairman in February after a series of board member resignations and the exit of Brett Chenoweth as chief executive.
Their departures were sparked by disagreement between the board and APN's two major shareholders - Ireland-based Independent News and Media plc and fund manager Allan Gray - over a proposed capital raising to reduce debt.
Mr Cosgrove said a new chief executive was expected to be named within weeks, with the board currently reviewing a shortlist of candidates from inside and outside the company.
Also, APN hoped to appoint two new board members before the end of 2013.
Mr Cosgrove said APN was expecting to reduce net debt by $40 million to $50 million in 2013 through cash generation, management of its cost base and some asset sales.
"At 31 December 2012 we were compliant with our debt covenants and this continues to be the case," he said.
At 1549 AEST, APN was down three cents, or 7.59 per cent, at 36.5 cents.
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