Just days after the resignation of its CEO Tim Worner Seven West Media (ASX: SWM) has posted a monumental full year loss.
The company has recorded a $444.5 million loss for FY19, down from a profit of $133.7 million in FY18.
The announcement follows the resignation of Worner last Friday, who was replaced by former Network Ten CEO James Warburton.
In addition to the major loss, Seven reported $1.6 billion in revenue, down 4.2 per cent on FY18. EBIT was also down by 10 per cent at $212 million.
Despite the significant loss, Seven delivered a 13th consecutive year of ratings leadership in Australia.
The network was also the number one network in the advertising demographic of people aged 25-54 across the day.
Channel 7 and 7mate ended the year as the most-watched channel and multichannel respectively.
The group says since leaving its joint venture partnership with Yahoo for its digital assets it has seen a significant uplift in performance, and is pleased with the recent launch of 7NEWS.com.au.
Seven West's Western Australian publications continue to be leaders in the local market. The West Australian has undergone a renewal under new creative leadership, resulting in a readership lift of six per cent over the year.
Due to softer advertising market conditions, television and newspaper masthead carrying values were impaired, with total significant items of $573.7 million net of tax recorded in the period.
The company is forecasting FY20 EBIT of $190 to $200 million.
Incoming CEO Warburton says the year was a difficult one for the network.
"FY19 was a tough year in the economy and advertising networks, which impacted Seven West Media's performance," says Warburton.
"But we have incredibly strong assets, and our focus moving forward is to speed up the rate of transformation while exploring opportunities for growth in our core and adjacent markets."
Shares in Seven West Media are down 1.30 per cent to $0.38 per share at 11.14am AEST.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Get our daily business news
Sign up to our free email news updates.