Ten 'clears decks' amid $243m loss

Channel Ten: "Clearing the decks." Photo: Michael Clayton-Jones

The Ten Network has reported a 21.9 per cent fall in its revenue and a net loss of $243 million for the six months to the end of February, taking a hit from restructuring and impairment charges.

The broadcasting company did not declare an interim dividend.

Ten recorded a non-recurring cost of $304 million, including a $292 million television licence impairment charge and restructuring charges of $11.9 million.

The network reported a net profit of $14 million in 2012 first-half reporting period.

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Shares are up 1.7 per cent to 30 cents this morning.

Tens new CEO Hamish McLennan said the network would not target a young and promiscuous audience that saw it produce failures like Being Lara Bingle and The Shire last year.

Were looking at a slightly older skew said Mr McLennan. Young viewers are the most promiscuous in the market place.

Mr McLennan said the results were a reflection of poor rating and revenue performance, as well as significant non-recurring charges.

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Ten 'clears decks' amid $243m loss