NZME is also in commercial discussions with Meta (Facebook) with regards to that company supporting a number of digital transformation projects over the next year.
"We are extremely pleased with our 2021 year-end result, despite it being another challenging year operationally, with disruption due to Covid," Boggs told shareholders.
"I'm pleased to be able to highlight earnings growth, the elimination of debt on the balance sheet and a return to dividend payments," he added.
"Despite the continued impact of Covid on demand during the year, operating revenue grew 5 per cent to $349.2m."
Recapping the full-year financial result, Boggs highlighted statutory net profit after tax of $34.4m-$19.9m higher than last year, which included the gain on the sale of GrabOne of $15.4m. Operating net profit was 6 per cent higher than last year at $23.6m.
Boggs also noted the acquisition of business and economic news service BusinessDesk, which he said added to the Herald's Premium Content offering.
NZME's total subscribers are now more than 200,000, with digital subscriptions now totalling 97,000, Boggs said.
Digital advertising revenue represented 46 per cent of total publishing advertising revenue in 2021.
Digital revenue from NZME's OneRoof property platform also grew substantially – up 90 per cent year on year, he said.
Boggs also noted the return to dividend payments and the commencement earlier this month of an on-market share buyback programme for an aggregate purchase price of up to $30 million, which may run up to 16 December this year.
Chair Barbara Chapman said although this year has been another challenging one for NZME, the board was pleased with the progress made and the financial position at year end.
"Along with our progress on debt reduction, our market buyback programme provides us with an opportunity to return value back to our shareholders whilst remaining in a strong position to make future capital investments that align with our strategic priorities and put NZME in an excellent position for future growth," Chapman said.
Shareholders were asked to vote on two resolutions – the re-election of director Sussan Turner and auditor remuneration.
Chapman also addressed a matter raised by a small group of shareholders who are members of the New Zealand Free Speech Union relating to one controversial advertisement that was pulled from a regional publication following complaints.
NZME reserves the right to reject advertisements but rarely does, Chapman said.
Managing editor Shayne Currie also responded to concerns raised by the same group about Government funding of media through the Public Interest Journalism Fund.
Currie said there are around 300 editorial staff at NZME, all of whom operate without fear or favour.
"We know that people's views of the Herald's editorial position will differ depending on their own perspectives and political persuasion. Our reporting covers the Government as critically as the opposition. There will naturally, of course, be more focus on the Government of the day's policy and performance, especially in heightened times of a pandemic.
He said the Herald's editorial positioning is centrist - liberal on some issues and conservative on others.
"Our editorial code of ethics ensures we are beholden to our readers and to the truth and we are incredibly proud of our newsroom and our journalists, all of whom are fiercely and proudly independent.
NZME shares fell 1c to $1.73. The stock has soared more than 100 per cent over the past 12 months.
