<?xml version="1.0" encoding="ISO-8859-1"?> <docID>326500</docID> <postdate>2024-08-14 09:41:32</postdate> <headline>Profits plummet for embattled Seven West Media</headline> <body><p><img class="size-full wp-image-326507" src="https://citynews.com.au/wp-content/uploads/2024/08/20190219001385979183-original-resized.jpg" alt="" width="900" height="600" /></p> <caption>Seven West Media's CEO says the past year has been tough for the company and the sector in general. (Joel Carrett/AAP PHOTOS)</caption> <p><span class="kicker-line">By <strong>Liz Hobday</strong> in Melbourne</span></p> <p><strong>Major media company Seven West Media's statutory net profits have nosedived 69 per cent to $45 million for the full year.</strong></p> <p>Kerry Stokes' media conglomerate owns the Seven Network and Perth masthead The West Australian.</p> <p>Its television network was the subject of a Four Corners expose on Monday, airing allegations of bullying and sexism, and a toxic workplace culture.</p> <p>The week has not improved for Seven, with pre-tax earnings falling by a third to $187 million.</p> <p>"There is no doubt that FY 24 was a tough year for Seven West Media and probably many in the sector," managing director and chief executive officer Jeff Howard told investors on a call.</p> <p>Group revenue is down five per cent to $1.4 billion on the previous full year, while net debt has climbed to $301 million.</p> <p>The company's previous chief executive and managing director James Warburton stepped down earlier than expected in April.</p> <p>It followed allegations heard in the Federal Court that the Seven Network paid for illicit drugs and sex workers in order to secure an interview with former Liberal staffer Bruce Lehrmann.</p> <p>In June, the company restructured into three divisions and cut its executive ranks as it tried to reduce costs by about $100 million.</p> <p>But costs have climbed two per cent to $1.23 billion.</p> <p>Perth newspaper The West saw broadly flat revenue of $172 million with pre-tax earnings down 13 per cent to $27 million.</p> <p>No dividend will be paid to investors.</p> <p>Seven shares are trading around 16 cents, having dropped from 40 cents a year ago.</p> </body>