‘Tough year’: Seven’s profits plunge 69% amid allegations of toxic work culture

Seven West Media revealed a 69% slump in full-year profits in what it described as a ‘continued weak economic environment’ for media companies. Photograph: Joel Carrett/AAP

Seven West Media’s full-year profits plummeted 69% to $45m in what the chief executive, Jeff Howard, conceded was “a tough year” for the conglomerate.

Reflecting a decline in advertising revenue across the media industry, Seven’s group revenue dipped 5% to $1.4bn on the previous full year as net debt climbed to $301m.