First Impression: Fairfax Media-FXJ-FY16 result

Outlook: “Publishing trends were consistent with FY16 H2. Domain continues to deliver strong audience growth and yield improvements, with digital revenue growth of 10% in the first five weeks of FY17; The comparative period of July 2015 saw very strong new listings growth (when Domain’s digital revenue increased 53%); July 2016 new listings volumes were impacted by the dampening effect of the longest Federal election campaign in modern history, with new listings volumes down 25% in Sydney and 11% in Melbourne; The fundamentals of the real estate market are strong and there are already signs of listings volume improvement as we move beyond the election. Domain is continuing to achieve strong yield growth despite the listings softness.”