Stokes Criticizes "Foreign Marauders" Amid Falling Revenues
Kerry Stokes, in his final annual general meeting as chair of Seven West Media, strongly condemned "foreign marauders" and an unfair tax system for the group's declining revenue. The West Australian billionaire highlighted the challenges the company has faced as it navigates a difficult market.
Financial Performance Declines
Seven West Media experienced a 4% drop in total revenue during the latest financial year. Net profit after tax fell significantly from $67 million in 2024 to $30 million in 2025.
Stokes' Address to Shareholders
“The past year has been a typically eventful one, unpredictable and undeniably challenging for an industry facing persistent pressures, regulatory uncertainty, and ongoing threats from foreign marauders intent on snapping at our heels and snatching away our heartland.”
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Shareholder Response to Pay Report
More than 35% of shareholders voted against the company's remuneration report, expressing dissatisfaction despite executives receiving no bonuses for missing targets. Investors also voiced frustration over not receiving dividends for the past eight years.
One shareholder remarked on the drastic drop in share price, stating it fell from $5 with a 5% dividend at the time of purchase to just 13.5 cents today, with no dividend returns.
Summary
Kerry Stokes highlighted external threats and systemic issues as key factors in Seven West Media's financial struggles, which prompted notable shareholder discontent regarding executive pay and long-standing dividend absence.
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