Southern Cross Austereo shares have jumped more than 10 per cent after the radio and regional television broadcaster returned to profit and reported ad revenue growth across its markets.
Southern Cross, which operates Triple M and Hit Network radio stations and has a regional television affiliation with the Nine network, reported net profit for the 12 months to June 30 of $77.2 million.
That compared to a $285 million loss in 2014/15, when the result was weighed down by $361.4 million of writedowns.
Underlying profit rose 19.1 per cent and revenue rose 5.1 per cent to $642.3 million.
"SCA's radio and television businesses are consistently outperforming the market, with improved audience share, consistent reinvestment in our content and marketing and a continuous focus on stronger monetisation of our assets," chief executive Grant Blackley said.
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Buoyed by its new affiliation with Nine, the company said advertising revenue is expected to grow in 2016/17 across radio and television, and declared a final dividend of 3.5 cents, fully franked.
At 1537, shares in Southern Cross were up 14 cents, or 11.38 per cent, to $1.365.
SOUTHERN CROSS SHINES
* Net profit $77.2m v $285m loss
* Revenue up 5.1pct to $642.3m
* Final dividend up half a cent to 3.5 cents, fully franked
