Hywood cuts some Fairfax slack

Even a slowing rate of advertising revenue decline won't enable Greg Hywood to ease up on cost cutting. But his knife has carved out an encouraging earnings figure ahead of what must inevitably become a transition to a purely digital environment.

While Greg Hywood did have something of a self-congratulatory tone when he announced that Fairfax had recorded its first year-on-year increase in underlying earnings before interest, tax, depreciation and amortisation for three-and-a-half years, he stopped short of a declaration of victory.

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