SEN Group announces Australian half year results

Sports Entertainment Group (SEG) has announced its half-year Australian results, saying the numbers reflect a robust financial performance and achievement of key strategic milestones.

The company reports an adjusted underlying EBITDA profit of $4.7 million, marking a 21 per cent increase from the corresponding period.

The reported figure of $4.7 million excludes the drag of a $1.5 million loss in New Zealand, as confirmed by the transaction completion for the SENZ Digital and Audio business yesterday.

The group achieved turnover of $63 million in the first half, driven by the continued growth of its Teams and complementary services divisions.

Notably, SEG has secured a bank extension, with the Commonwealth Bank approving the request to lower its debt level to $20 million for a further three-year term.

Proceeds from the New Zealand venture ($3.6 million), SEN Teams divestment ($2 million), and placement ($2.2 million) will be utilised to reduce the current bank debt.

The divestment in SEN Teams welcomes four new investors, including three from Western Australia, currently valuing the SEN Teams business at $40 million.

SEG Managing Director Craig Hutchison says “We are pleased to finalise these key elements, allowing us to shift our focus towards cost control and revenue growth to deliver enhanced value for our shareholders.”

The business reports robust growth in SEN Teams, with the Perth Wildcats finals games and Melbourne Mavericks netball exceeding commercial expectations.