Profits increase for EON

Oceania Capital has released it’s FY15 financial report, which includes the performance of it’s subisidiary, EON Broadcasting: the holding company for Sea FM and Mix FM on the Sunshine Coast.

EON’s FY15 performance improved on the previous period, reporting an increase of 1.5m in revenue to 8.9m (7.2m), whilst EBITDA grew to 2.7m (1.97m).

Advertising revenue grew by 22%, with the majority driven by local revenue growth of 28% year on year; national sales improved by 9%. 

In the report EON comments:

”August 2014 saw the introduction of the Todd and Sami drive show on Mix FM. The show has been well received in the market with positive feedback having been received from listeners. We are also pleased to report that the other live shows on the stations continue to perform well.

We believe the two stations are the premier stations on the Sunshine Coast and the business, has committed to maintaining that position. Should the appropriate opportunity arise, OCP remains keen to supplement this investment with further radio station assets.”

EON Broadcasting is 95% owned by Oceania Capital Partners, and 5% by Glenn Wheatley.

(note: EON reports on the South African financial year – April 1 to March 31 – as Oceania’s parent is a South African company)