SCA confirms eligibility for Jobkeeper extension
Southern Cross Austereo has confirmed it will be eligible for the next round of the Jobkeeper program which runs from 28 September to 3 January.
The test for eligibility required the media company to see revenues more than 30% down on the prior comparative period, which was met by the business for the September quarter, but SCA says green shoots are on the horizon.
In an announcement this morning to the ASX, SCA said it will receive approximately $12m in payments over the three month period.
But ad bookings for December are ‘stronger’ says the business and the improving COVID-19 situation in Victoria should help SCA turn its fortunes around. It predicts it will not be eligible for any payments past January 3.
The business again pointed to the reduction of its net debt, from $93m to $39m as of September 30. By the end of the year, the business expects to be below 1.0x net debt/EBITDA.
SCA has also benefitted from the Government’s PING program which provided assistance to regional broadcasters, as well as undergoing several rounds of stand-downs and job cuts which have helped it reach that comfortable place financially.
