Stingray Group Inc. (TSX: RAY.A) Reports Fourth Quarter and Fiscal Year 2024 Results

June 05, 2024 03:45 AM EDT | By Team Kalkine Media
 Stingray Group Inc. (TSX: RAY.A) Reports Fourth Quarter and Fiscal Year 2024 Results
Image source: © Cammeraydave | Megapixl.com

Stingray Group Inc. (TSX: RAY.A), a leading figure in music and video content distribution, business services, and advertising solutions, has unveiled its financial performance for the fourth quarter and fiscal year ended March 31, 2024, showcasing notable growth and strategic advancements.

Fourth Quarter Highlights

Stingray experienced a 6.0% increase in revenues for the fourth quarter, amounting to CAD83.7 million compared to CAD78.9 million in the same period last year. This growth was primarily driven by higher revenues from FAST channel and Retail Media, along with improved Radio revenues fueled by increased digital and national sales.

Revenues in Canada surged by 4.4% to CAD45.6 million, while the United States witnessed a remarkable 19.4% growth, reaching CAD26.2 million. However, revenues in other countries saw a decline of 10.8% to CAD11.9 million, primarily attributed to reduced in-store commercial and subscription revenues. Broadcasting and commercial music revenues rose by 6.7% to CAD53.4 million, while radio revenues increased by 4.7% to CAD30.2 million.

Despite recording a net loss of CAD46.3 million, mainly due to a non-cash impairment charge on goodwill for the Radio segment, consolidated Adjusted EBITDA improved by 10.7% to CAD29.4 million. Additionally, cash flow generated from operating activities surged to CAD44.3 million compared to CAD27.6 million in the previous year.

Full Year Overview

Fiscal year 2024 saw a significant uptick in revenues, rising by 6.6% to CAD345.4 million compared to CAD323.9 million in 2023. This growth was attributed to higher revenue contributions from retail media advertising and FAST channels. Despite a net loss of CAD13.7 million, adjusted EBITDA improved by 10.3% to CAD125.9 million, with an adjusted EBITDA margin of 36.4%.

Stingray declared a dividend of CAD0.075 per subordinate voting share, variable subordinate voting share, and multiple voting shares on March 19, 2024, payable around June 15, 2024.

 


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.