News: SWM UPDATE 1-Seven West Media sees higher 2021 earnings on ad revenue rebound

(Adds details on earnings, costs and background)

June 17 (Reuters) - Australian broadcaster Seven West Media (SWM) said on Thursday said it expects up to a 97% jump in adjusted earnings for fiscal 2021, helped by a strong rebound in fourth-quarter advertising revenue.

The forecast comes as a relief for the media firm after the COVID-19 pandemic battered its advertising income last year, particularly in television, due to limited sports and an underperforming entertainment line-up.

The company in its update said it is highly confident in its schedule for the next six months, with proven and successful formats, the Olympic Games Tokyo 2020 and the Ashes Test series looming.

Seven West Media expects annual underlying core earnings of A$250 million ($190.35 million) to A$255 million, against A$129.6 million last year. This is higher than analyst consensus forecasts of A$235 million to A$245 million, the company said.

Its advertising revenue is estimated to grow 45% in the fourth quarter, with early indications suggesting the ongoing positive momentum to continue into the next quarter.

The company also said its digital division was growing strongly, with earnings from the operation expected to more than double in fiscal 2022.

On its net debt, Seven West Media said it sees it to be between A$240 million and A$250 million by the end of fiscal 2021, compared with an initial forecast of A$270 million to A$280 million.

Shares of the company jumped as much as 7.5% against a 0.3% decline on the broader ASX 200 index. It is on track for its best session in three weeks. ($1 = 1.3134 Australian dollars)