In what’s sure to bring a smile to the faces of those at Southern Cross Austereo, the media company has released its half yearly results – ending December 2015 – showing a lift across revenue, EBITDA and net profit after tax.
The results posted to the Australian Securities Exchange (ASX) this morning show revenue for the company was 4.7 per cent to $322 million, EBITDA (earnings before interest, taxes, depreciation and amortisation) was up 6.5 per cent to $91.4 million and (NPAT (net profit after tax) was up 25.1 per cent to $43.4 million.
CEO Grant Blackley said in a statement to the ASX that the results demonstrate “material progress in the operational turnaround of Southern Cross Austereo”.
In the announcement, Blackley highlighted the work the company is doing on its radio business, particularly on talent. Over the past year, SCA has brought back radio duo Hamish & Andy, and given the boot to flailing brekkie show Dan & Maz to bring in Rove & Sam.
“We have been heavily investing in our strong radio business, particularly on talent and marketing. We expect to derive increasing benefit from those investments in future periods,” Blackley’s statement continued.
“We have focussed on monetising all of the group’s assets, improving our commercial market share and yield, while improving efficiency as part of an ongoing review of the business functions and non-core assets.”
For the rest of the financial year, which ends 30 June 2016, SCA expects further revenue growth across its radio business, particularly in the metro market.
While noting regional TV markets are “likely to be subdued”, the regional radio markets are expected to remain stable.