Two days after a Four Corners investigation highlighted current and historical cultural issues at the Seven Network, its parent company Seven West Media revealed a 69 per cent slump in full-year profits and flagged massive cost cuts to counter an advertising downturn.

The Kerry Stokes-controlled company reported $45 million in net profit for the year to June 30, weighed down by falling advertising sales and $44 million in one-off charges including restructuring costs and writedowns for the value of TV programs. Revenue dropped 5 per cent to $1.42 billion as the Seven Network saw its ad bookings decline, along with the rest of the TV industry.

Earnings without the one-time charges were down 46 per cent to $78 million.

“FY24 is a tough result for [Seven West Media] in a challenging market,” CEO Jeff Howard said as he delivered his first results since taking on the role from James Warburton in April. The earnings decline led him to step up cost-saving measures for the current financial year.

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Seven cut as many as 150 jobs in the June half, achieving up to $25 million in cost savings, an initiative the company will “materially increase” this year with targeted cuts of $108 million to improve its results, Howard said.

The media group’s operating earnings without significant charges were down by a third to $187 million.

Howard said the fall in ad dollars was partially offset by a growth in the network’s share of the total TV advertising market to 40.2 per cent.

Advertising revenues for the commercial TV networks for the 12 months to June 30 were published on Tuesday, totalling $3.28 billion, a decline of eight per cent. Advertising income at Seven’s television segment fell seven per cent, making up 80 per cent of the company’s total revenue.