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��һ�ǿ����� says it expects to deliver annualised cost savings of $12 million as shareholders vote on a revamped board that includes former National Party MP Steven Joyce and outspoken shareholder Jim Grenon.

If elected, Joyce will take up the reins as chair from Barbara Chapman, who will retire from the board.

At today’s annual meeting, shareholders are also voting on the re-election of director Sussan Turner, with two other existing directors, Guy Horrocks and Carol Campbell, retaining their seats and technology expert Bowen Pan to be appointed following the meeting.

Grenon, who holds about 13% of ��һ�ǿ�����, has led a campaign to change out the board, having voiced concerns with the performance of the company, assertions that have been rejected by the board.

His original plan was to replace the entire board with himself and several other nominees with support from major shareholders.

However, the parties managed a compromise deal with Joyce as the proposed chair, Grenon as a director, and an editorial board that includes blogger and lawyer Philip Crump.

��һ�ǿ�����, which owns the NZ Herald, ��һ�ǿ�����talk ZB, BusinessDesk, a suite of music stations and property website OneRoof, provided a trading update to shareholders at the annual meeting.

Chief executive Michael Boggs said the first four months of 2025 had delivered a “higher operating ebitda” than for the same period in 2024.

“While the market outlook remains uncertain, the first four months of trading combined with our cost savings initiatives see us well placed to deliver improved operating results for 2025,” he said.

“A number of cost reduction initiatives have been completed in the first half of this year and are expected to deliver annualised savings of $12 million.”

That included some $4m previously announced relating to the loss of 30 newsroom roles at the Herald and BusinessDesk.

Boggs said the restructuring costs relating to those initiatives were not reflected in the year-to-date operating ebitda figure.

No guidance was issued for the first half or the full financial year.

“Unfortunately, the market remains volatile and economic commentators have softened their outlook from what was expected earlier in the year.

“Pleasingly, the economy is showing signs of recovery and lower interest rates are supporting overall economic activity.

“However, the market is not improving as much as we originally expected – it remains volatile and therefore we are taking a cautious yet optimistic approach."

In February, ��һ�ǿ����� reported a post-tax loss of $16 million for the 2024 financial year after a non-cash impairment of intangible assets.

Its earnings before interest, tax, depreciation and amortisation (ebitda) of $54.2m was in line with revised guidance of $53m-$55m.

Operating revenue had increased 2% from $340.8m to $345.9m.

It also said it was considering separating its property brand, OneRoof, into an entirely new business and had launched a strategic review to accelerate OneRoof’s growth and realise its” full potential in delivering value for shareholders”.

Opportunities included the potential separation of OneRoof “to enable raising external capital, either public or private, to surface its value”; “potential pathways to value recognition and monetisation”; consolidation opportunities; and “additional resourcing and extra capacity opportunities”.

At today’s annual meeting, Chapman welcomed Joyce and Grenon whom the board was supportive of joining the board.

Chapman said despite the tough environment, ��һ�ǿ����� continued to make progress on its 2023 three-year strategic priorities - OneRoof, audio and news.

In terms of OneRoof, Chapman said the property brand continued to be a strong performer with “significant future growth potential”.

“We have commenced an independent strategic review of the OneRoof business, which will look at a number of opportunities to realise its full potential in delivering value for shareholders and an update will be provided at ��һ�ǿ�����’s half year results.”

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