Shares in Seven West Media Ltd (ASX: SWM) are tracking lower today and now trade around 2% down at 64.25 cents apiece.
The Seven West share price is on the move today amid the release of its investor presentation and trading update, presented at the Macquarie Australia Conference.
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Seven West updates guidance
In its presentation, Seven West mentioned that it is on track to report FY22 EBITDA from its 7Digital segment to $130 million, based on internal guidance.
As such, it also updated full group projections "from the previous guidance of between $315 million and $325 million to between $335 million and $340 million."
Seven West CEO, James Warburton, noted the reasons for such a change:
The recent acquisition of Prime Media Group, coupled with the winning performance of the Seven broadcast television business and the strong growth of 7plus, make SWM the undisputed leader in the national total television market – a position that we plan to build on in the future.
The company also quoted Bloomberg consensus figures that show analysts expect it to report underlying net profit after tax (NPAT) of $178 million in FY22.
"The earnings upgrade reflects the strength of advertising markets and the ongoing success of Seven's broadcast and digital businesses," Warburton added.
Further to updating guidance, the group also recovered its FY21 revenue of $1.27 billion and group EBITDA of $254 million.
The bolus of both revenue and earnings came from its TV Broadcast segment, precisely where Seven West sees continued growth into the coming years.
Seven West Media share price snapshot
In the last 12 months the Seven West share price has held onto a 35% gain. However, since trading resumed in January, it has slipped less than 1% into the red.
That's after soaring to a new 52-week high of 80 cents back in February.
