Johannesburg – Malta incorporated Tiso Blackstar Group,
which owns Times Media, says turnover gained to R4.5 billion from R4.3 billion
in the first half.
In the six months to December, the company made “significant
progress” in the implementation of new strategy as a media-focussed business, which
includes renaming Times Media Group to Tiso Blackstar Group.
The acquisition finance for Times Media has dropped from
R730 million to R669 million, it says.
The deal was completed in 2015.
The company, which now consolidates its figures as it’s
no longer an investment holding company, adds it expects its sale of 22.9
percent in Kagiso Tiso, for R1.5 billion, should close in May.
Tiso notes its earnings before interest tax depreciation
and amortisation moved to R270 million from R249 million.
The company declared an interim dividend of 4.47275 cents
a share, and proposes special dividend of R40 million when the Kagiso sale is successfully
completed.
Read also: African News Agency to sue Times Media Group
Tiso, which will be moving to the JSE’s main board, operates
newspaper, broadcast, digital and mobile properties focused on providing
quality content and services to its varied audiences. It says it has strong
exposure to the rapidly growing digital, broadcast and mobile markets, with a position
in South Africa and a broad footprint across Kenya, Ghana and Nigeria.
It notes cost reductions and restructuring aided its
media business in growing earnings before interest, tax, deprecation and amortisation
6.2 percent to R91.8 million, while its traditional media boosted that measure
16.7 percent to R86.9 million.
It has recently implemented a paywall on premium titles.
“The combination of cost reductions and the introduction
of new innovative revenue streams helped drive significant growth in earnings
in flagship titles such as Sunday Times and Business Day, while magazines,
supplements, events, digital and mobile all helped broaden the revenue base.”
Its majority-held investment Smartcall Technology
Solutions grew revenues 34 percent and earnings before interest, tax,
depreciation and amortisation 61.2 percent, it says.
Tiso says it has laid a solid foundation for sustainable
growth, with new diversified revenues and stabilised core businesses well set
to take advantage of any improvements in the South African economy.
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