SCA reports net profit of $27.4m, up 38.4%
Southern Cross Media Group Limited, the parent company of Southern Cross Austereo (SCA), today reported its FY results to 30 June 2022 on the ASX, revealing strong audio audience growth and boosted profits.
The company reported an underlying net profit after tax of $27.4 million, up 38.4% in the financial year ending June 2022.
Continued recovery in audio saw SCA’s audio revenue up $33.1million (9.2%) on the prior year, totaling a revenue of $392.9 million for H122.
Broadcast radio revenue grew by 9.4% to $182.7 million in metro markets and by 6.4% to $168.5 million in regional markets, while digital audio revenues grew by 35.2% to $20.8 million.
SCA recorded an underlying EBITDA of $87.9 million, up 2.8% on FY21.
The company also announced the resignation of Nick McKechnie, the group’s chief financial officer, after eight years in the role.
Grant Blackley, SCA CEO and managing director said: “SCA is pleased to report underlying EBITDA of $87.9 million and underlying NPAT of $27.4 million, up 2.8% and 38.4% respectively on the prior year. With a robust balance sheet and strong cash flow, we are continuing to invest for the future while returning funds to shareholders through fully franked dividends and our on-market share buy-back.
“Commercial radio audiences in metro markets reached record levels in recent surveys. The total audience of 12 million recorded in GfK Survey 4 was the highest ever and a 7.6% jump over the prior year. SCA’s Hit and Triple M stations have led this rise as audiences return to entertainment and music formats.
“SCA’s broadcast radio revenue grew by 8.0% to $372.1 million. This was led by a growth in national revenue of 9.7% in metro markets and 8.9% in regional markets. Local advertisers were directly affected by floods and supply chain issues resulting in lower levels of growth in local advertising.”
LiSTNR saw a strong performance, with 850,000 signed-in users with on-platform listening in the most recent six months, growing 3.7 times to 2.7 million average monthly streams from 0.7 million average monthly streams in the same period in 2021.
This article has been updated since the time of publishing.
Good reporting on the positive side. Wondering about the negative though which wasn’t covered.
EBITDA down 32%. Net debt up almost 50%. Revenue down 1.8%. Expenses up 7.7%.
Plus the note that SCA will keep it’s TV stations essentially because they can’t offload them.
The market clearly didn’t react so positively. Take a look at the ASX…
Guess not everyone thought it was positive.
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