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Nova declined to comment on the accounts.
Industry research shows that the radio sector has continued to improve its performance in 2022.
Advertising revenue for metropolitan commercial radio stations increased 8.8 per cent in the June 2022 quarter, totalling $191 million, according to data compiled by Milton Data and released by industry body Commercial Radio Australia.
Advertising revenue over the financial year ending June 30, 2022, rose 9.3 per cent to $686 million compared to the prior year.
Results from ASX-listed radio operators in August also pointed to continued growth.
Southern Cross Media forecast radio revenue growth of up to seven per cent for the September quarter, with stronger momentum in metro radio, and digital audio revenue growth forecast to be about 30 per cent higher.
UBS media analyst Tom Beadle said first quarter radio revenue was tracking to a similar cadence to those reported by HT&E, but cautioned that over industry ad numbers remain below pre-COVID levels.
“While the metro radio ad market grew by 9.3 per cent in fiscal year 2022 to $686 million, this was around 10 per cent below pre-COVID levels (calendar year 2019),” he said.
“We continue to see upside to our forecasts on a two-to-five-year view if the radio ad market can return to pre-COVID levels over this timeframe, with the caveat that some of this upside could be offset by cost inflation.”
UBS reported that SMI ad booking data for August showed the radio sector was flat year-on-year with just 0.3 per cent growth. Metro radio booking grew 6.1 per cent, while regional radio dropped 5.6 per cent.
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