The return of Hamish and Andy to drivetime radio has contributed to a lift in earnings for the owners of 2Day FM and Fox FM.
Southern Cross Media has upgraded its earnings forecast for the first half of the 2015/16 financial year, expecting a rise of up to four per cent from a year ago to between $87 million and $89 million.
The company behind Triple M and the Hit Network, which includes Sydney's 2Day FM, Melbourne's Fox FM and Brisbane's HIT 105, had previously forecast a flat earnings performance.
The upgrade comes on higher revenues in the company's metropolitan radio business, which has coincided with the ratings success of the Hamish and Andy show since its return in July.
Chief executive Grant Blackley said the ratings performance of the Hit Network in Sydney remains below expectations, but the recruitment of comedian Rove McManus to host a breakfast show is expected to improve its market share.
"We look forward to seeing the results of that investment build over time," he told the company's annual general meeting.
He also said Southern Cross Media's regional affiliation with the Ten Network was delivering modest revenue growth in recent months as audiences improved.
The agreement between the two companies is up for renewal in 2016, and Southern Cross Media is working on ways to improve the performance of its TV business, he said.
Southern Cross shares closed 3.00 cents, or 3.37 per cent, higher at 92 cents.
AAP dmc/gfr
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