Regional radio and television operator SCA posted a 18% drop in revenue to $540.15 million for the year to June but still managed to report a profit.
Underlying net profit after tax was $35.8 million, down 51%. SCA expects to resume payment of dividends in the 2022 financial year.
The company says the impact of COVID-19 was mitigated by the geographic diversity of SCA’s radio portfolio comprising 10 commercial stations in metro markets and 78 in regional markets.
"COVID-19 has to date had a lower impact on less densely populated regional markets, while the Boomtown industry trade marketing initiative continues to encourage national advertisers to consider higher investment in regional areas," the company says.
Monthly revenues have improved since the peak COVID-19 impact in April/May, as this chart shows:
CEO Grant Blackley says consumption of audio in Australia, including radio and podcasts, continues to grow.
"Audio has not only remained a popular companion for people working from home during the COVID-19 lockdowns but is also more accessible than ever through internet-enabled devices such as mobile phones, tablets, desktop computers and smart speakers," he says.
“Strategic decisions taken in recent years will enable the business to emerge from the COVID-19 crisis with a lean and efficient operating model focused on recovering the earnings lost in the year just ended.
"We will continue to build the strength of our radio network by investing in key timeslots and markets. At the same time, we will grow our digital audio ecosystem with premium content, platforms and products attractive to our listeners and advertisers.”
Full year numbers:
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