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.
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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Nine Entertainment Co. Holdings Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.