Ten Network Holdings Limited (ASX:TEN). TEN ‘s FY11 profit slid 90.5% to $14.2 million, driven by an $85.4 million impairment charge that related to staff redundancy costs.
Underlying earnings slumped 24% to $74.1 million, with revenue rising a paltry 1% to $1 billion. A final dividend of 5.25 cents was declared.
However the group said it will keep costs flat in FY12 and that a planned programming overhaul will help it better compete with its rivals.
The encouraging outlook has lit a rocket under TEN shares, making them among the best performing in the Australian stock market.