Southern Cross Austereo Half-Year Profit Drops 24.4% To $34.7 million

Southern Cross Austereo Half-Year Profit Drops 24.4% To $34.7 million

Southern Cross Media Group Limited today announced its interim financial results for the half year to 31 December 2014.

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These results include:

  • Revenue of $307.6 million, down 7.3%
  • Earnings before interest, tax, depreciation and amortisation (“EBITDA”) of $85.8 million, down 18.3%
  • Net profit after tax (“NPAT”) of $34.7 million, down 24.4%
  • Net finance costs reduced by $4.1 million, part of the ongoing benefit from the January 2014 refinancing
  • Net debt for the group reduced by $14.8 million to $573.1 million, due to cash conservation measures introduced. This included retention of $21.2 million in cash from the underwritten Dividend Reinvestment Plan (“DRP”) but was after a $14 million one off payment for settlement of tax issue

CEO Rhys Holleran said “The first half results for FY 2015 reflect challenging conditions in television advertising markets and a reduced metro radio market share. In 2015, we are strengthened by the talent line ups in metro radio and are confident that the strategic direction of the company and the focus on debt reduction will put the company in a sound position to improve over this financial year and the next.”

Southern Cross Austereo is focussed on delivering a content led recovery, with the refresh of Today’s Hit Network being completed in January 2015, Dan & Maz moving to breakfast on Hit 104.1 2Day in Sydney from January 2015, and Hamish & Andy returning to national drive from July 2015.