NZME's operating revenue increased across its three stated strategic pillars of audio, publishing and OneRoof. Total digital revenue was up 24 per cent compared with the same period in 2021.
Chief executive Michael Boggs said the interim result showed the company was delivering on its transformation objectives and making progress on strategic priorities and targets.
"We've started the year strongly with revenue and profitability above the same period last year, and advertising revenues for the same period now at pre-Covid levels.
"Despite the continued challenges the recent Omicron outbreak has brought, across the business we have remained agile and we've adapted as needed.
"NZME's digital transformation and diversification across our platforms continues to deliver excellent results across key areas of our business, particularly in digital revenue growth," said Boggs.
While maintaining earnings guidance, NZME noted that some advertisers were exercising caution and there was some unease in the market as reported in business and consumer confidence metrics.
However, advertising bookings for quarter three were currently tracking 5 per cent above the previous corresponding period.
"NZME is not immune to the challenging macro-economic environment in New Zealand and globally, and cost pressures across the business continue," Boggs said.
"However, we are focused on carefully managing costs to ensure current business momentum continues into the second half of 2022."
Share buyback to recommence
The company recently paid shareholders a special dividend of 5c a share after completing half its planned $30m capital return through a share buyback.
"NZME remains in a very strong capital position and will recommence the on-market buyback on 24 August 2022," chairwoman Barbara Chapman said.
"The Board remains committed to returning excess capital to shareholders and will review capital and dividend policy settings over the second half of 2022."
