Southern Cross progresses TV asset sale, books revenue bump
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The news: Southern Cross Austereo has booked a first-quarter revenue bump as the company progresses the sale of a string of regional television assets amid a protracted advertising rout.
The numbers: Southern Cross reported September quarter revenue of $122.3 million, up 1.5% on the first quarter of last year.
Total audio revenue for the quarter was $100.4 million, up 4.8% on the same period last year, driven by 48.2% digital growth and a 1.1% lift in broadcast radio.
The company has maintained its 2025 financial year guidance for non-revenue-related costs to come in below $308.4 million. The company said capex for the 2025 financial year is on track to be below $10 million.
Southern Cross said it is actively progressing the sale of its regional television assets first announced in August. The company said it will use the proceeds of the sale to pay down debt.
What they said: “The positive operating momentum from the second half of FY24 has continued into the first quarter of FY25, and our strategy of building and monetising audiences that matter has delivered our third consecutive quarter of growth in our share of metro radio revenue, along with ongoing growth in digital audio revenue,” Southern Cross CEO John Kelly said in a statement.
“Our key differentiator in digital audio is our LiSTNR AdTech Hub, which enhances our advertisers’ ability to connect with relevant and targeted audiences on LiSTNR and other digital audio distribution platforms.
"By driving increasing inquiry and premium commercial returns for our advertisers, the LiSTNR AdTech Hub is a key reason for our 48.2% growth in digital audio revenues in the September quarter.”
The source: ASX announcement
