SCA recorded an almost 16% slide in revenue to $259.2 million in the December half but the broadcaster improved profits on the back of reduced costs.
Net profit after tax was up almost 60% to $32.5 million.
Audio revenue dropped 17.8% to $173.3 million. Television revenue was down almost 12% to $84.9 million.
The company reported a recovery in advertising led by stronger national investment across multiple categories
The result was helped by a leaner business, following cost cutting, including " significantly" reduced staffing, and some federal government support, including $31.9 million from JobKeeper and a $3.4 million PING grant.
EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the half was $75.3 million, 11.5% ahead of the prior year.
Net debt was cut by half to an historic low of $66.4million.
“This has strengthened our balance sheet and provides confidence to invest in new organic products and services to optimise audience and revenue outcomes," says CEO Grant Blackley.
“Advertising markets are continuing to improve towards pre-COVID levels as the economy recovers and government restrictions stabilise and ease.
“We are reaping the benefits of the steps taken to streamline our television business in recent years.
“After three years of development and testing along with extensive research into consumers’ evolving audio habits, SCA launched LiSTNR on 18 February. LiSTNR is at the core of SCA’s digitalfirst operating model, efficiently deploying smart technology to create, distribute and commercialise our premium audio content.
"LiSTNR will combine transparent audience measurement with real time insights about listener routines, needs and preferences, enabling advertisers to deliver their brand messages to addressable and targeted audiences at scale.
“The number of Australians accessing digital audio has doubled since 2016 and is projected to reach 80% of Australians by 2024."
Half year results:
And operations:
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