CANBERRA: Media group Fairfax has lifted revenue at the start of the new financial year but says metro print advertising markets remain difficult.
Fairfax, which owns the Sydney Morning Herald, Australian Financial Review and The Age newspapers, said year-to-date revenue for continuing businesses were up by between two and three per cent compared to a year ago.
Its metro media division, which includes online property website Domain, lifted revenue 10 per cent but publishing revenue fell about nine per cent.
“Structural changes in the publishing business are continuing and print advertising weakness in the first half has necessitated additional cost reductions across the business,” chief executive Greg Hywood told shareholders at Fairfax’s annual general meeting on Thursday.
