Pre-tax losses at the radio group which operates FM104 in Dublin last year narrowed by 36% to €4.44m.
New accounts filed by the Rupert Murdoch-owned Wireless Radio (ROI) Ltd show that the radio group recorded the drop in losses as revenues declined by 5% from €19.78m to €18.86m in the 12 months to the end of June 27th last.
The directors state that the business continues to operate in the challenging backdrop of ongoing market uncertainty "exaggerated by the continued migration to unregulated digital operators and compounded by the impact of Covid-19 on both our normal business operations and those of our extensive market base".
The group also owns Limerick's Live95 FM, Cork's 96FM and Q102 in Dublin and the accounts show that group Earnings Before Interest Tax Depreciation and Amortisation (EBIDTA) almost halved from €1.13m to €645,000 in the 12 months to the end of June 30th last.
The group - which also operates LMFM - last year recorded post tax losses of €1.86m after recording a corporation tax credit of €2.57m.
On the impact of Covid-19, the directors state that throughout the year, revenues have been impacted to varying degrees, largely dependent on the changing severity of Government restrictions on normal business activity.
The directors point out that revenues declined by 5% last year despite experiencing 'Covid declines’ for the 12 months compared to four months of a Covid impact for the prior year.
The directors state that digital listening statistics "indicate strong listenership levels to all our services".
Numbers employed by the group last year declined from 263 to 240 with staff costs rising marginally from €10m to €10.56m.
Directors' pay increased from €611,000 to €802,000 made up of €772,000 in remuneration and €30,000 in pension contribution.
The group’s combined non-cash depreciation and amortisation costs last year totaled €5.08m. The group’s operating lease costs last year came to €943,000.
At the end of June last, the group had a shareholders’ deficit of €8.45m.
This was made up of accumulated losses of €52m offset by share capital of €43.56m.
The group’s cash reduced from €2.68m to €492,000.