Shares in Australian media and entertainment group Nine Entertainment Co Holdings Ltd (ASX: NEC) have reached a 52-week high with prices up 2.73% at the time of writing to $2.26.
Nine Entertainment shares have surged since the release of strong half-year results on February 22 which saw revenue up 9% in the six months to December 31, 2017.
Nine reported a 55% increase in net profit to $116 million, the results pushing it well ahead of rival Seven West Media Ltd (ASX: SWM) who announced a profit of $100.7 million for its half-year to December 31, 2017.
Nine has used proceeds from the sale of its Sydney headquarters to take net debt down to $46.2 million from $117 million as Seven West announced it would resort to suspending dividends and about 250 job cuts at the TV arm of the business for its own cost-cutting needs.
The Seven West share price has been trending down in the last 12 months, while the Nine share price has been tracking upwards from just 98c at this time last year.
Nine has flagged its plans to invest in long-term brand building rather than "short-term, sales-driven advertising" going forward and will pay shareholders a 5c fully-franked dividend on April 18.