SCA release half-year report

Southern Cross Austereo have today announced its financial results for the half year to December 31, 2013.

CEO, Rhys Holleran, announced that the reported net profit of the Group had improved 1.8% to a reported NPAT of $45.9 million.

Key highlights include:

• Reported revenues up 1.3%, underlying revenues up 1.8%
• Reported EBITDA up 0.8%, underlying EBITDA up 0.5%
• Reported NPAT up 1.8% to $45.9m, underlying NPAT up 1.1%
• EPS stable at 6.5 cps – Dividend declared of 4.5 cents per share
• #1 FM Metro Radio Network steady at 34.4% market share
• Successfully negotiated the refinancing of $650m debt facility

Holleran said: “It is pleasing to see some top line growth in the business, especially in television. We are determined to keep building on those gains in 2014 by investing in new shows in key markets which will hold us in good stead for the future.”

The Outlook

Advertising Markets

• Regional TV still short – choppy
• Metro radio markets – steady but short
• Regional radio markets – steady locally, soft nationally

Metro Radio

• Early signs from the new content line up are positive with a strong interest in sponsorships for all new shows
• New shows launched in 2014 will take time to build and have been appropriately resourced to maximise success
• Metro revenues are performing as expected to the end of February

SCA have also announced the appointment of Ray Gunston to the position of Interim Chief Financial Officer to help the company out while they search for a fulltime replacement for Stephen Kelly, who sadly passed away last month.

Gunston was most recently Interim CEO of Essendon Football Club and was previously CFO of Tatts Group Limited.

See the full half-year report here.