Media24 posted reasonable results for the financial year, with total revenue marginally up year on year (YoY) to R4.7bn and the trading loss decreasing by 9% to R334m. The mature businesses (newspapers, magazines, print distribution and book publishing) significantly improved profitability in the review period. At the same time, our growth businesses (digital media, ecommerce, ecommerce fulfilment, job classifieds and online services) showed strong revenue growth against the previous year.
We continued to invest in digital media and ecommerce to diversify the group for the future while streamlining operations and lowering the cost base by focusing on our main digital news brands. Online audiences and user engagement remain significant and several initiatives were launched to improve user experience through smart technology.
A summary of the results is available here.