Seven Group $256.8m Profit 1H2013

Kerry Stokes' mixed mining and media business Seven Group (ASX: SVW) have announced its company financial results for the first half of 2013 to shareholders and investors on the Australian stock market.

• Seven Group Net Profit for the first half was $256.8 million, up from $52.1 million in the previous corresponding period.
• The profit result also includes the sale of its 25 percent stake of Consolidated Media Holdings to News Corp for $50.1 million.
• Heavy equipment business WesTrac increased its revenue by 42.8 percent to $2.607 billion. WesTrac EBIT was up 63 percent to $275.4 million.
• Net debt was reduced to $836.8m, down from $1.718.7 billion from last June.
• Seven Group Holdings CEO Peter Gammell said, "Strong operational cashflow and the sale of our investment in Consolidated Media Holdings brought down debt to low levels. This combined with the performance of the listed portfolio and the recovery in Seven West Media's share price means that SGH has a very strong balance sheet for the future."
• Seven West Group also owns a 45 percent stake in Coates Hire Group for which it is having a strategic review on the business. It co-owns the company with private equity company Carlyle Group.
• Underlying profit was $235.1 million, up 39 percent from $169.3 million.
• Seven Group posted a forecast for full year underlying net profit to be up 10 to 20 percent.
• Seven Group owns 35 percent of Seven West. (which owns Seven Network and West Australian Newspapers as well as a smaller stake in Prime Media) Seven Group's Media investments only accounted for less than 20 percent of its income last year.
• Seven Group declared an interim dividend fully-franked of 20 cents per share.