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SCA ASX RELEASE SCA delivers first half EBITDA of $ 75.3M 25 February 2021 Southern Cross Media Group Limited ( ASX : SXL ) ( SCA ) today announced its financial results for the six months ended 31 December 2020 . The following table highlights comparisons to the prior corresponding period : Revenue Expenses EBITDA NPAT Free cash conversion Net debt¹ H1 FY21 $ 259.2M H1 FY20 $ 308.1M Variance ( 15.9 % ) ( $ 183.9M ) ( $ 240.6M ) ( 23.6 % ) $ 75.3M $ 67.5M 11.5 % $ 32.5M $ 20.4M 59.3 % 134 % $ 66.4M 108 % $ 131.6M ( 49.5 % ) Headline achievements for the period include : Group EBITDA , NPAT and operating margins improved compared to H1 FY20 . These positive results were driven by pro - active measures to implement a leaner operating model , while also being assisted by temporary Government support ( JobKeeper $ 31.9M and PING² $ 3.4M ) . Under the leaner operating model introduced during last year , SCA's non - revenue related costs of $ 106.1M were 30 % lower than in H1 FY20 . Non - revenue related costs are expected to be $ 255M- $ 260M for the full year . Net debt reduced by half since a year ago to a historic low of $ 66.4M , providing financial stability and support to pursue growth opportunities . The Group's leverage ratio of 0.39x annualised Q2 EBITDA provides significant headroom against the banking leverage covenant of 4.5x . Operating cashflow conversion of 134 % showed the quality of SCA's assets and earnings in difficult trading conditions . With working capital benefits of $ 15M ( through COVID - related expense deferrals and the timing of government grants ) to reverse in the second half , it is expected this will return to 90 % -100 % for the full year . Audio revenue of $ 173.3M was 17.8 % lower than in H1 FY20 . The impacts of COVID on metro radio markets were offset by growth of 6.8 % in national regional radio revenue as SCA continued to benefit from the Boomtown trade marketing initiative and relatively favourable economic indicators in regional markets . Television markets recovered more quickly than radio markets , with television revenues of $ 84.9M down by 11.7 % on H1 FY20 . SCA's television sales teams maintained a market- 1 Net debt comparison is to the Group's net debt on 30 June 2020 . 2 Public Interest News Gathering grant . Southern Cross Media Group Limited Level 2 , 257 Clarendon Street , South Melbourne VIC 3205 ABN 91 116 024 536