Southern Cross Austereo’s Annual General Meeting today was a little quieter than Fairfax Media’s, but there were still rumblings. All resolutions were passed.

Chairman Max Moore-Wilton told shareholders, “we achieved the goals we set ourselves,” in merging the radio and tv operations of the company in the past year.

The company has “eliminated duplication” and developed “more effective ways of operating.”

As reported earlier on radioinfo, SCA last financial year recorded good results in difficult trading conditions.

“The metro radio business has performed well. The revenue loss for Hamish and Andy was expected… and 2DAY FM has underperformed since the Kyle Sandilands incident in 2011,” said Moore-Wilton.

He expressed the boards thanks to “a committed and passionate staff” for a “commendable result in a difficult environment.”

But some investors were not so pleased with the job done by the chairman. Moore-Wilton was re-elected, although 41% of votes were cast against him.

CEO Rhys Holleran, giving an update on trading performance for the first quarter of the current year, told the AGM that first quarter trading has been difficult and that national sales are down about 15%.  He attributed this to declining markets, the one off effect of the Olympic Games and a declining share of tv and national radio markets.

“Having seen these numbers I think it should be noted that this quarter should be seen in our view as the low water mark for the year,” said Holleran.

To listen to the Chairmand and CEO’s presentations, click here.