The Seven West Media Limited (ASX: SWM) share price is down 5% to 48 cents this morning after the free-to-air television and media business warned investors that is now expects "underlying group EBIT" for FY 2019 to now come in between $210 million to $220 million versus $235.6 million in the prior year.
It also flagged that it now expects "cost reduction" to come in close to $40 million over the full year.
The group blamed the downgraded guidance on "uncertainty" over the Federal election and a "short market experienced across the advertising sector". On the positive side it noted it had grown revenue share in the free-to-air TV market over the year against rivals like Nine Entertainment Co Holdings Ltd (ASX: NEC).
Net debt is also expected to be reduced by around $75 million over the fiscal year.
