Broadcaster SCA says its revenue improvement coming out of the pandemic is tracking head of guidance.
March quarter advertising revenue was down 4.3% on the same three months last year but ahead of guidance of -6% to -8%
Cost control remains a key focus with 2021 financial year costs now forecast $250 million to $255 million, ahead of
guidance of $255 million-$260 million.
The company has reduced its cost base by $30 million or 10% of non-revenue related costs since the 20219 financial year.
SCA plans to resume dividends with an end of 2021 financial year payout.
In a trading update, SCA says its TV affiliation negotiations with Ten (after Nine switched to WIN) are on-going.
Full year EBITDA range is forecast $118 million - $125 million.
Net debt forecast at $55 million - $65 million.
SCA says the advertising market in strong recovery, with a meaningful quarterly improvement in radio and television since the middle of 2020.
Audio revenue growing is underpinned by a strong increase in digital audio listening and resulting monetisation.
The company says radio listening has recovered above pre-COVID levels:
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