‘We will get back to pre-COVID levels’: Nine upbeat on post-COVID recovery
Nine CEO Hugh Marks is upbeat about a post-pandemic bounce back and says the advertising market will eventually return to pre-COVID levels.
Nine revealed a statutory loss of $575 million, mostly due to writedowns of one-off items.
Setting aside the impairment charges, net profit after tax fell 22 per cent to $155.9 million while revenue was down 7 per cent to $2.2 billion.
Hugh Marks says the sudden fall in advertising experienced in March and beyond was influenced by the fact that nobody knew what to do when the pandemic hit.
“There was a real shock to the system,” Mr Marks tells Brooke Corte.
“We’re seeing a planned and strategic entry back into the market by marketers which will ramp up over time and yeah, I think we will get back to pre-COVID levels,”
Click play to hear the full interview: