Southern Cross Media CEO Rhys Holleran told shareholders at its AGM this morning that he’s "forever hopeful" that improving consumer sentiment will see an uptick in the broader retail economy.

In August, Southern Cross posted a 6.5% drop in revenue for the financial year, with its underperforming television business blamed for the decline.

"Presently we still see little visibility and markets continue to be short,” said Holleran. "What is different is there presently seems to be more positivity surrounding consumer sentiment and when that will translate in to the broader retail economy. Whilst forever hopeful, we are yet to see this  positivity translate into our business activity."

He added that regional radio remains "in good shape", while metro radio has seen positivity in the first quarter of the financial year and is in good shape to take advantage of the market when it moves.

“In our metropolitan radio business we have had some challenges with our ratings share,” said Holleran.

“Over recent months, our talented content leadership has been putting the final touches on some exciting new line-up changes which will be announced over  the coming  weeks.

“We expect that over time these lineups will continue the strong tradition of  success the networks have become accustomed to,” he added.