Southern Cross warns on outlook
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Southern Cross Media Group (SXL) says it is heartened by increasingly positive consumer sentiment, but is unsure when it will translate to the broader retail economy.
Addressing shareholders at its annual general meeting, Southern Cross chief executive officer Rhys Holleran said while the group was "forever hopeful" about a flow-on spike from consumer confidence, "we are yet to see this positivity translate into our business activity".
"Whilst we have had a good start to the year and sentiment is more positive we are acutely conscious that markets remain short and very similar to pre-election behaviours," he told shareholders.
"Our focus continues to be careful management of costs whilst continuing to invest in engaging our fans.
"The exciting growth in activity in our digital assets is an area of promise and we will continue to invest in opportunities in this area."
Mr Holleran said regional radio remains "ever reliable and in good shape."
"Metropolitan radio has seen positivity in the first quarter, a first for a couple of years and is in good shape to take advantage of the market when it moves," he said.
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