Seven West Media Share Price Crashes on Back of Earnings Slump

Shares in Seven West Media hit a record low of 14 cents as the company revealed a 69 percent slump in earnings for the year to June.

The Channel 7 logo is seen outside the Seven Group Holdings Limited Pyrmont offices in Sydney, Australia, on April 13, 2016. Brendon Thorne/Getty Images

Seven West Media (SWM) reported an earnings decline of 69 percent for the year to June, which sent its share price to a record low of 14 cents. For the ninth year running, shareholders will receive no dividend.

Seven’s total TV revenue share increased by 1.7 percent over the year, to 40.2 percent. This helped offset its market decline, with share growth achieved in every quarter.