SCA reports steep losses; Chairman to exit

Beleaguered radio and TV group Southern Cross Media has this morning reported a net loss after tax of $296m in the full year to June 30.

Chairman Max Moore-Wilton has also announced his intention to step down during the company’s next financial year, once a successor has been appointed.

Excluding one-off items, Southern Cross reported a profit of $79.7m, down 7% year-on-year. Revenue slipped 0.3% to $640.8m.

2DayFM in Sydney has suffered a ratings collapse since the departure of breakfast hosts Kyle Sandilands and Jackie ‘O’ Henderson. The company also sold its Sunshine Coast radio station, meaning results were adjusted to account for loss of operational income.

In a statement to the Australian Securities Exchange this morning CEO Rhys Holleran said: “The FY14 results continue to show the resilience of our business. In what has been a challenging trading environment, and a challenging year for the group overall, I am pleased with the results and the direction in which the group is headed.”

In an earnings call this morning the company unveiled its four priorities for the forthcoming year: firstly the regeneration of the Today brand; plans to optimise capital management; further building of its digital business and a renewal program with the appointment of three new sales directors.

Yesterday the company announced the appointment of Nick McKechnie as CFO, following the surprise resignation of Peter Lewis.