Southern Cross Media shares surged as much as 23% to a 15-month high of A$0.81 after reporting a strong full-year turnaround.
The radio group posted revenue of A$421.9 million for the year to June, up 5%, while underlying earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 34.4% to A$71.1 million. Digital revenue rose 28.8% to A$45.1 million.
Its streaming platform, LiSTNR, achieved EBITDA profitability for the first time, contributing A$2 million. Strong cash generation enabled the company to cut net debt by A$40 million to A$67.6 million, reducing its leverage ratio to 1.1 times.
The board reinstated dividends, declaring a fully franked final dividend of 4 cents per share.
For FY26, Southern Cross guided to revenue of A$435-440 million and EBITDA of A$78-83 million, with digital audio revenue expected to maintain double-digit growth.
Chief executive officer John Kelly said the company’s transformation strategy was “delivering results across radio and digital audio assets.”