Broadcaster SCA’s full year revenue fell 3.7% to $505.6 million in a challenging advertising market.
SCA’s audio revenue was flat at $397.2 million, described as a “solid” result in current conditions.
Net profit after tax was down 20% to $21.9 million.
The company expects short, inconsistent, trading to continue for the rest of the December half.
More favourable market conditions are expected in 2024.
SCA increased its metro radio commercial share to 27.2%, and LiSTNR digital audio revenue was up 36.2% to $21.3 million.
Regional television revenues contracted 14.5% to $107.8 million, driven principally by a reduction of 20.2% in national revenue.
CEO John Kelly says a challenging broadcast media market is continuing into the new financial year.
However, he says SCA’s portfolio of audio assets has outperformed with better than market growth in metro radio and digital audio.
“We are well-positioned to benefit from expected improvements in advertising markets in the second half,” he says.
“Regional television again weighed on our results during the year. We are working constructively with our principal programming partner, Network 10, to enhance our collective offering to national advertisers and sponsors and to generate more reliable returns for our shareholders.”
SCA will pay a fully franked final dividend of 2.2 cents a share.
Full year numbers:
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