Southern Cross Austereo, which brought in radio drive show hosts Hamish Blake and Andy Lee to boost its audience, has just posted a 25.1% rise in profit to $43.4 million.
Revenue was up 4.7% to $322 million as the TV and radio network, which includes Triple M and the Hit Network, added a range of big name talent, including Rove McManus.
“We have been heavily investing in our strong radio business, particularly on talent and marketing,” says Grant Blackley, presenting his first results as CEO.
“We expect to derive increasing benefit from those investments.”
Advertising revenue grew across metropolitan and regional media assets.
Southern Cross Austereo’s guidance for the full year includes further revenue growth across metropolitan radio and regional revenues supported by a strong performance from local sales.
Profits for the full year are expected to be 16% to 20% higher than the previous forecast of $75 million to $78 million.
The company declared a fully franked interim dividend of 3.25 cents a share, up from 3 cents.
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