SCA’s audio gains wiped out by Seven’s performance
Heith Mackay-Cruise is now the chair of SCA, following a short stint from Seven's Kerry Stokes
Video killed the radio star in the first half-yearly results presentation for the newly merged Southern Cross Austereo and Seven West Media, as a strong six months in audio were more than wiped out by Seven’s lacklustre performance.
The combined group posted revenue of $792.2 million, representing a 2.7% drop. EBITDA of $66.9m was down 28.7%, while net profit after tax fell by 42.2% to $21.9m.
“Due to the merger, we have a complex set of results”, SCA’s chief transformation officer Toby Potter said during the company’s earnings call on Tuesday morning. Notably absent during the call was former Seven boss, and SCA’s recently appointed CEO and MD Jeff Howard, who stood down last night ahead of the earnings call.
I bought about $700 of Seven shares for a laugh a few years ago, which was down to about $180 at the end of last year. I was very upset they were automatically sold when the merger happened because my holding was too small. Now I’m ecstatic as it saved me from complete annihilation!
None of us saw that coming 🤣