Southern Cross tops guidance with FY profit

Media group commits to further engagement with listeners, profits tops guidance.

Southern Cross Media (SXE) remains committed to driving growth through further engagement with listeners, after posting a slight lift in full-year profit ahead of its own guidance.

In the year to June 30, Southern Cross Media posted a net profit of $96.11 million, a modest 1.2% increase on the $95.022 million recorded in 2012.

That result was slightly ahead of the guidance given at February's half-year results of between $90 million and $95 million and well ahead of analyst estimates for $91.4 million. 

Revenue in the same period was $642.631 million, a 6.5% decline on the $687.313 million.

Southern Cross announced a fully-franked final dividend of 4.5 cents, payable on October 21 to shareholders on the register at September 27.

Combined with the group's interim dividend of 4.5 cents, Southern Cross' total dividend was nine cents, fully-franked.

Chief executive officer Rhys Holleran said the market was not getting any easier, but the group had delivered a "commendable result on the back of a resilient radio business".

"Whilst we continue to operate in changing and uncertain economic conditions, we are steadfastly committed to strengthening our engagement with our fans through innovative content development, leveraging the substantial digital footprint we have built and relentless focus on operational improvement," he said.

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