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Triple M owner set to meet 1H guidance

AAP logoAAP 20/10/2016

Radio and regional television broadcaster Southern Cross Media says revenue for the first three months of the current financial year was up 12 per cent on the same period a year earlier.

Chief executive Grant Blackley told shareholders at the group's annual general meeting on Thursday that all areas of the business have reported revenue growth in the first quarter and the company is on track to meet its earnings guidance.

"At the August results presentation, we forecast first-half EBITDA performance to be in the range of $92 to $94 million and that remains our guidance," he said.

The media company, which owns Triple M and Hit Network radio businesses, lifted metro radio advertising revenues for the quarter about five per cent compared to a year ago, despite the market declining by one per cent.

Regional radio revenues rose three per cent, but the group's television assets along Australia's regional east coast dipped 0.4 per cent, an improvement on the previous year's seven per cent decline.

"Unsurprisingly, national advertising growth has outpaced local growth in regional markets as we continue to focus on addressing the historic under-investment in regional areas by national clients," Mr Blackley said.

He said the group's total television advertising revenues rose 31 per cent for the quarter and is on track to meet the company's full-year guidance for the division's revenue to increase between 30 and 35 per cent for the full year.

The group struck a new affiliate deal with Nine Entertainment earlier this year and began broadcasting Nine content into its regional markets in July.

It has also extended its affiliate agreement with the Ten Network in northern NSW.

Shares in Southern Cross Media were up one cent, or 0.65 per cent, to $1.56 at 1330 AEDT.

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