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SCA’s Financial Officer Quits After Strong FY22

Southern Cross Media Group has posted strong profits for FY22, amidst the resignation of the company’s chief financial officer and a non-executive director.

The company reported an underlying net profit after tax of $27.4 million, up 38.4 per cent on the 2021 financial year.

SCA reported underlying EBITDA of $87.9 million, up 2.8 per cent on the previous year.

“SCA is pleased to report underlying EBITDA of $87.9million and underlying NPAT of $27.4million, up 2.8 per cent and 38.4 per cent respectively on the prior year,” said Grant Blackley, SCA CEO and managing director.

“With a robust balance sheet and strong cashflow, we are continuing to invest for the future while returning funds to shareholders through fully franked dividends and our on-market share buy-back.

“SCA’s broadcast radio revenue grew by 8.0 per cent to $372.1M. This was led by growth in national revenue of 9.7 per cent in metro markets and 8.9 per cent in regional markets.

“Local advertisers were directly affected by floods and supply chain issues resulting in lower levels of growth in local advertising.”

SCA also announced the resignation of Chief Financial Officer Nick McKechnie, who joined the company as CFO in September 2014. McKechnie will stay on until a replacement has been appointed, before joining Gurner Group as CFO.

Melanie Willis is also leaving her post of a non-executive director of SCA, a role she has served since May 2016. She will leave at the end of this month, and will not be replaced.

“The Board considers its reduced size and its mix of skills and experience are appropriate for SCA’s needs,” the company wrote in an ASX update this morning.

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