Revenue falls 18% at SCA, but cost cutting measures and equity raising result in improved balance sheet

Revenues at media company Southern Cross Austereo fell 18.2% for the financial year ending June 30, 2020, resulting in $540.8m in revenue across the business, compared to $661m the year prior.

Despite the drop, the business still reported a profit excluding significant items of $34.1m and an underlying net profit of $35.8m, with the business saying its cost-cutting measures and equity raising have left it with a much healthier balance sheet in FY20.

Across all four quarters, SCA reported a positive EBITDA (earnings before interest, taxes, depreciation, and amortization), coming in with a final figure of $108.2m – down almost 34% from FY19.