Nine boosts subscriber growth despite 'challenging' ad market

Nine Entertainment Co. has posted a half-yearly profit after tax of $114 million and reported strong growth among its subscription platforms despite a "challenging" ad market.

In a release to the market this morning, Nine reported revenue of $1.4 billion and group EBITDA before specific items of $316 million, down 15 per cent on the same period last year.

The media company, whose ownership includes this website, reported an 8 per cent growth in subscription and licensing revenues via its publishing arm and strong growth in streaming platform Stan.

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Digital revenue now accounts for almost 50 per cent of Nine's total business.

In a release to shareholders, Nine's chief executive Mike Sneesby said the business had performed strongly in a challenging market.

"Notwithstanding the impact of challenging economic conditions on the broader advertising market, the breadth of Nine's business underpinned some key operational highlights across the half," Sneesby said.

"I am particularly pleased with the performance of our subscription businesses - with Subscription and Licensing revenues at Nine's wholly owned businesses, Stan and Publishing, together growing by around 8 per cent to more than 30 per cent of Group revenue (excluding) Domain."

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Sneesby also spoke of the opportunities ahead for the business, with Paris 2024 to take place later this year.

"In 2024, we will bring the world's biggest sporting events to all of Australia in a way that has never been seen before, with the Paris Olympic and Paralympic Games," he said.

"We will also deliver Australia's best content, reaching around 20 million Australians each month, across Television, Publishing, Audio and Marketplaces."

Nine announced its intention to pay an interim, fully franked dividend of 4 cents, down 33 per cent on the same period last year.