Billionaire businessman Kerry Stokes will step down as executive chairman of Seven Group Holdings (SGH) in November.

However, Mr Stokes will retain his position as chairman of both Seven West Media, which publishes The West Australian newspaper, and Australian Capital Equity.

SGH board director Terry Davis is set to take over the role of executive chairman in November, after the company's Annual General Meeting.

Mr Stokes said he would take on a consulting role with the company's board and management team.

"I remain very committed to SGH and I will remain involved in the business in an advisory capacity," he said.

"In reflecting on what SGH has achieved in terms of building stronger businesses and delivering shareholder returns, I am confident that I leave SGH in the best possible hands under the stewardship of Terry and the Board."

Mr Stokes has chaired the company since it was formed in April 2010.

Big year for Seven Group

Seven Group's annual report, published to the ASX today, showed earnings before interest and tax (EBIT) clocked in at $792 million.

The lion’s share of this was delivered by the group’s industrial services, with WesTrac recording an UEBIT of $400 million and Boral — which was subject to a takeover in June and July — accounting for $38 million.

Boral's board had been urging shareholders to resist Seven Group's takeover bid, which has been in play since May this year.

The building materials maker has been on its knees for some time, with five downgrades in the space of about two years.

The annual report revealed Seven Group now owned 70 per cent of Boral, up from 26 per cent in June.

In his chairman's letter, Mr Stokes said the Boral acquisition had been a success.

"With the growing national infrastructure pipeline, as well as economic activity, a takeover for Boral presented the most compelling opportunity for the group," he said.

"As a result of the success of the takeover bid, we are now in a position to drive the business improvement and deliver an uplift in earnings and create shareholder value for Boral and SGH." 

Overall Seven Group revenue grew by more than 6 percent year-on-year to $4.5 billion.

SGH posted a statutory profit after tax of $634 million in the 2020-2021 financial year.

Seven West Media earnings up

Seven West Media (SWM) recorded underlying earnings of $57 million, up 22 per cent from the previous financial year. 

SWM managing director and chief executive James Warburton said content production had resumed, and advertising revenue was recovering strongly as the media sector began to recover from the disruption of the pandemic.

"The debt position is now sustainable, operating costs have been significantly reduced, our revitalised content schedule is improving ratings and we are delivering strong growth in digital revenue," he said.

The Seven Network ranked first in 14 of 26 weeks in the last half of the past financial year, with ratings driven by the network's sport offerings in AFL, Test cricket and the Olympic Games.

The company's revenue outlook is positive, but they expect to see a 12-month lag behind the ratings climb.