Southern Cross Media Group reported a revenue of $499.4 million for FY24, down 1% from FY23, while underlying EBITDA decreased 14% to $66.2 million.
Despite the declines, the second half of FY24 marked a resurgence with revenue up by 1.1% and underlying EBITDA up by 6% compared to the same period last year.
The company announced it is recommencing its strategic review to sell its non-core regional television assets.
SCA CEO John Kelly remarked, "We have re-commenced a strategic review of our non-core regional television assets and are in active negotiations with several parties with an interest in acquiring those assets."
The initiative aims to focus more on their profitable radio and digital audio sectors.
LiSTNR, SCA's digital audio platform, achieved underlying EBITDA profitability in the fourth quarter of FY24.
Digital revenue reached $35 million, a 42% increase from FY23, with even more substantial growth noted in the second half of the year.
The company has invested in upgrades to LiSTNR's advertising capabilities, which are now generating revenue.
Non-revenue-related expenses amounted to $308.4 million, slightly below the guidance of $310 million.
Capital expenditure was aligned with expectations at $15.8 million.
For the upcoming FY25, the company forecasts a reduced capex of around $10 million, reflecting the near completion of its digital transformation investments.
Additionally, the SCA board will see a leadership change as Helen Nash retires and Marina Go joins as an independent non-executive director effective Oct. 1.
SCA Chair, Heith Mackay-Cruise, commented, "I am delighted to welcome Marina Go to our board. Her appointment follows an extensive search led by an external search consultant."