Southern Cross Media FY26 profit falls to $9.9M
- Southern Cross Media reported a 57.6% net profit drop to $9.9 million for FY26.
- The company's share price was up at $0.54 following the results announcement.
- Management expanded its cost reduction programme to target up to $150 million in annualised savings.
Southern Cross Media Group (ASX:SXL) recorded a 57.6% profit fall to $9.9 million for FY26 following weaker advertising revenue.
Gross revenue for the financial year fell 4.5% to $1.87 billion compared to $1.96 billion in FY25.
The Southern Cross Media audio division grew revenue by 1.4% to $430 million.
SCA Managing Director and CEO Rohan Lund stated, "Trading conditions were difficult, particularly in television through Q4, and revenue came in below where we expected."
The formerly Seven West side of the business fell. On the television side, revenue fell 6.6% to $1.3 billion and EBITDA went down 32% to $110 million.
Publishing slipped 3.1% to $187 million, while EBITDA was down 2.4% to $26 million.
The company delivered $30 million in annualised merger synergies early while raising the total cost savings target to $150 million.
SCA refinanced its debt into a single $569 million facility with first maturities occurring in FY30.
Following the announcement, the Southern Cross Media share price was up at $0.545.
Tough advertising market conditions cut revenue by $15 million, though market share gains recovered $41 million.
The company stated that it wound down its ventures portfolio while maintaining top national ratings across television and audio.
