Grant Blackley has addressed the Southern Cross Media Group’s AGM after his first full year as Chairman of SCA.
He says 2DAY FM in Sydney remains a “key area of focus” with Rove and Sam’s breakfast show “beginning to win back audiences” amid the Group’s improved financial performance, providing shareholders with franked dividends of 6.75 cents per share.
Reinvesting in talent within the network has been a “clear priority” within metro radio over the past year.
“Most notably through the return of Hamish and Andy,” he says. “As well as adding Osher Gunsberg to our Brisbane Hit105 breakfast team and Brendan Fevola to our leading Fox breakfast team in Melbourne.
“The investment has ensured SCA is the leading network in the core 18-39 and 24-54 demos…and this position has been reinforced through the incremental cumulative audience and share numbers achieved in the last year.”
In his address, the CEO announced the company’s strategy “is to deliver further sustained improvement in our operational and financial performance.”
Total shareholder return for the year was 37%.
There is strong confidence in the Group’s future, with the Hit and Triple M brands being rolled out regionally on December 15th.
“…pleasingly we recently announced an extended six-year agreement with the AFL.”
“We will also continue to develop further premium audio and video content across our leading social, web and mobile assets to increase the volume of our content and to make it available on the distribution channels that our audiences want.”
Financially Metro advertising revenue has grown “by around 5% in the first quarter compared to a year ago.”
“Regional radio continues to grow and revenues for the first quarter are up 3%,” he told shareholders at the AGM.
Mr Blackley closed his address pleased with what the company has achieved but said, “there is more work to be done as we seek to deliver consistent and sustained financial improvement over the long term.”
Just before mid-afternoon, following the address the share price was up 0.32%.