Fairfax Media Limited Trading Update

21 September 2017:

Fairfax Media Limited [ASX:FXJ] (“Fairfax” or “Company”) today provided a trading update ahead of the potential lodgement of the Domain Separation Scheme Booklet on 22 September 2017. 

This trading update is made ahead of the expected formal commencement of the Scheme process and will replace the usual disclosure provided at the Company’s Annual General Meeting (AGM). The 2017 AGM will be held on 2 November 2017. 

Trading Update 

  • FY18 year-to-date overall group revenues are 4% to 5% below last year. Across our reporting segments: 

        o Domain digital revenue growth is 22% and total revenue growth is 13%. 

        o Metro Media is down around 11%. 

        o Australian Community Media is down around 10%. 

        o Stuff (New Zealand Media) is down around 10% including currency impact (down around 7% in local currency NZ$). 

        o Macquarie Media is down around 4% (down 1% on a continuing business basis excluding the impact of disposals). 

  • For FY18, Domain’s costs are expected to increase approximately 13% from FY17’s $206 million (10% like for like excluding acquisitions), excluding any separation-related costs and adjustments. 
  • Across the Fairfax Group we continue to implement cost savings measures.