Southern Cross Austereo (SCA) has posted its first-half underlying earnings and dividend, dropping 27 per cent thanks to a weak ad market.
Owner of stations Hit and Triple M, SCA’s underlying earnings fell to $62.2m for the first six months of the financial year, with revenue down 8.2 per cent to $308.1m.
Underlying net profit after tax was $28.6 million, which is down 31 per cent from the previous year.
The results are in line with SCA’s trading warning last October, which flagged first half earnings would fall as much as 27 per cent due to a tough advertising market.
In December last year, SCA underwent a major internal restructure, which saw up to 90 roles made redundant across the business.
Despite the shaky first-half, CEO Grant Blackley is positive about the next six months.
In a statement, Blackley said: “SCA’s strategy has two clear pathways. We will ensure our core business is resilient, effective and efficient at delivering compelling content for our audiences and demonstrable positive returns for our advertisers and other business partners.
The chief executive also said the company will focus on developing new on-demand and “personalised audio products” to build “a profitable and sustainable” revenue stream.
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