Ten says turnaround will take more time
Ten made an $8 million loss in the six months to February 28, which was a better result than the $243 million loss it announced 12 months earlier, due chiefly to one off costs.
Mr McLennan says the network is working to improve its profitability and performance, despite poor ratings and a difficult advertising market.
“We’ve consistently said the turnaround strategy for Ten Network will take time, we cannot improve the asics running shoes company’s ratings, revenue, earnings and return to shareholders overnight,” he said.
The network experienced its best summer ratings period since 2008, thanks to the T20 Big Bash League and Sochi Winter Olympics, which helped lift half year revenue nearly eight per cent to $331.6 million.
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But the benefits from those events were offset by their cost, as well as the expensive launch of new morning television programs in November.
Ten’s ratings have also slumped since the end of the Winter Olympics, hitting an all time low in March.
“Our general entertainment p asics running shoes rogramming on the main channel, Ten, has underperformed badly since the end of the Winter Olympics,” Mr McLennan said.
“We failed to capitalise on the momentum generated by the Big Bash League and the Sochi Winter Olympics.”
But he is confident the network can rebuild its ratings, and says Ten is looking to boost revenue through new platforms like its TENplay online viewing service, to help offset an uncertain advertising market.
The network is also on the l asics running shoes ookout for new programs to replace some of its older franchises, which are no longer the ratings hits they once were.
“We are looking for fresh programming formats that ca asics running shoes n be reproduced locally at competitive prices,” he said.
Meanwhile, he said the network would continue to focus on attracting more “event TV” like the Big Bash and the Glasgow Commonwealth Games, for which Ten has secured the rights.