What's New November 17, 2014

Sea & Mix grow earnings

EON Broadcasting, the parent company of Sea FM and Mix FM on the Sunshine Coast, has recorded revenue of $4.03m, and profit before tax of $861,000 in the 6-months to 30 September 2014.

The performance has been outlined in the annual report from Oceania Capital Partners, the publicly listed majority shareholder of EON Broadcasting; the other shareholder is Glenn Wheatley.

The financial performance by EON has been described by Oceania as 'satisfactory', however one that has seen growth of 13% on the same 6-months in the previous period.

Despite overall advertising revenue improved by 13%, national sales grew by only 4.4%, outlining what is a key challenge with exiting from the ownership of a larger network; the maintenance, or growth, of national revenue.

Expenses increased by 18%, which was explained as the increased costs of operating the stations on a stand-alone basis, the hiring of the 'Todd & Sami' drive show from competitor Hot 91, and the cost of some sales initiatives.

Oceania said;

"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 being 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 CEO of the stations, John Williams, has committed his team to maintaining that position."

Oceania went on to say that should appropriate opportunities arise, they will look to acquire further radio assets.