A year of ambitious expansion saw revenue at SEN (Sports Entertainment Group) lift, and the group also reported an improved profit for the year ended June 30, 2021.
The year saw two rebrands under CEO Craig Hutchison with the names Pacific Star Network and Crocmedia being dropped for Sports Entertainment Group and Sports Entertainment Network.
The radio broadcaster, publisher and associated businesses saw revenue climb 10.4% to $73.7m. That growth turned EBITDA of $4.43m in FY20 into $9.43m in FY 2021.
Revenue for the media division was up 24% year-on-year as the company bolted on radio stations across Australia and New Zealand.
The group received a total JobKeeper payment of $3.3m in the first half of the financial year. Net debt climbed from $7.1m to $11.2m.
Acquisitions across the year included $3.5m for office, broadcast and studio fit-outs, a $1.8m TV broadcast truck for Rainmaker, and $9.7m for radio licences including 2CH (now 1170 SEN). The sales of 1377AM 3MP for $4.5m helped offset the spending on new licences.
The acquisition of radio licences in New Zealand happened on June 4 last year at a cost of NZ$3.075m. The payment was staggered over four instalments with the last due in December 2022.
SEN also acquired the Perth Wildcats NBL team after the end of the financial year at a cost of $8.5m.
Across the past three years, SEN has spent $42.3m on acquisitions and along the way divested what it labels non-core assets for $6.9m.
Hutchy with the SENZ team at the launch earlier this year
Boom: Growing radio network the core activity
In the past 18 months SEN has grown from a two-station network to having 52 stations across Australia and New Zealand.
SEN branded stations – 8
SENTrack branded stations – 16
SEN branded app channels – 5
SEN Spirit – sport/music/talk in Bunbury, WA
2CH – DAB+ Classic Hits music
SENZ – 28 stations across New Zealand (launched after end of FY21)
SEN outlook
The company has reported revenue for July and August 2021 was up close to 50% YOY, with media revenues up 40%. The company indicated it will continue to invest in future growth.
See also: SENZ launch: Hutchy in Auckland with talent from New Zealand sports network