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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.
