Broadcaster SCA’s group revenue came in flat at $260.1 million for the half year to December.
Net profit after income tax fell 6.1% to $14.6 million.
The company declared a fully franked dividend of 4.6 cents a share.
Metro radio revenue grew 6.8% during the half, increasing its share of revenue when compared to 4.6% market growth.
This result was underpinned by record radio audiences.
Audio revenue was up 3.5% to $200.4 million.
LiSTNR reached 1.2 million signed-up users and monthly stream starts hit 5.9 million, compared to just 1.7M two years ago.
Digital audio revenue grew 37.5% to $10.5 million, significantly exceeding digital audio market growth of 11%.
CEO Grant Blackley: “SCA’s portfolio of audio assets, supported by our efficient and resilient operating structure, is positioning us for growth while continuing to return funds to shareholders through fully franked dividends and our on-market share buy-back.
“SCA creates more live and on-demand audio content than anyone else in Australia. And our investment in digital infrastructure over the past five years means we create an ever-expanding range of content for our audiences to enjoy anywhere, at any time, on the device of their choice.
"Despite reducing our headcount by 12% since 2019, we have grown our content output by 66% or 400,000 hours over the same period.
“Audiences for our broadcast content in the five Metro markets grew to record highs in 2022, making SCA the #1 Metro radio network in the coveted 25-54 audience demographic. This is the money demographic targeted by around 70% of advertising briefs."
OUTLOOK
SCA’s March quarter broadcast radio revenue is forecast to show flat to low single digit growth.
January Metro revenue was up 3.4% and in February is forecast to be up 2%.
In regional markets, local radio revenue was up 7% in January and is expected to be up 10% in February.
National radio revenue, accounting for about 32% of all regional radio revenues, fell by 14.8% in January and is forecast to be back 8% in February.
The television market is tracking 10% to 12% below last year for the March quarter.
Digital audio revenues will be up more than 65% for January and February underpinned by more consumption on platform and new premium content partnerships.
SCA is targeting 2 million signed-in users for LiSTNR by July 2024.
The December half numbers:
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