Southern Cross Austereo Defies Media Advertising Rut With Half-Year Profit Surge
Southern Cross Austereo (SCA) has delivered double-digit profit growth in the first half of the 2017 financial year despite a weak advertising market.
The group’s net profit after tax increased 11.8 per cent to $48.5 million in the six months to 31 December 2016, while it’s revenue grew a solid 9.2 per cent to $351.8 million – boosted by strong growth in regional TV revenue and improved sales practices, according to SCA.
The media group posted $92.6 million in earnings before taxes, interest, depreciation and amortisation during the first half of 2016-17 – up 1.3 per cent on the previous corresponding period.
SCA chief executive Grant Blackley (pictured above) said the results reflect the depth and strength of a media company that is “outperforming the market” in each of its categories.
“We have systematically resetting SCA for success by focusing on our financial performance, our operational effectiveness in our existing business and investing in new growth opportunities that leverage our expertise in audio and entertainment,” he said.
Blackley said the company’s rebranding efforts of some of its radio and TV stations over the last six months had aimed to make life easier for advertisers to buy space and boost SCA’s marketing and sales capabilities.
“Our seamless transition to our new affiliation with the Nine Network has provided the platform to substantially grow revenues in our television businesses and, excitingly, we have started rolling out 15 local 6pm news services in many of our Nine markets,” he noted.
“The successful acquisition of the Authentic Entertainment assets and importantly the integration of Vevo’s Australian exclusive sales representation has further improved our scale and digital content offering in the market.”
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