Significant growth in digital revenues last year helped to deliver a 17% increase in overall revenues to €22.06m at the radio group which operates Cork's 96FM and FM104 in Dublin
New accounts filed by the Rupert Murdoch-owned Wireless Radio (ROI) Ltd show that €3.2m increase in revenues to €22.06m coincided with pre-tax losses narrowing by 42% from €4.44m to €2.58m in the 12 months to July 3.
The directors state that "digital revenues in particular delivered significant growth in the period and we continued to invest in this area to promote future growth".
The group also owns Limerick's Live95 FM and Q102 in Dublin and the accounts show that group Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) increased sharply from €645,000 to €2.63m.
The News Corporation owned group - which also operates LMFM - last year recorded post tax losses of €942,000 after recording a corporation tax credit of €1.64m.
The directors state that "economic conditions were difficult during the period, compounded by the war in Ukraine, Brexit and the ongoing challenges of spiralling utilities costs. The continued migration of revenue to unregulated digital operators also adds to these challenges".
But they state that "in spite of these challenges, however, the company continues to benefit from an improved revenue performance as we return to normality post Covid and we commend the continuous support and dedication of our staff throughout this turbulent period".
The directors state that the impact of increased revenues on EBITDA has been offset by a smaller increase in the operating costs during the year.
The directors state that the group's local stations "deliver significant listenership in their respective franchise areas and combine to offer a quasi national national urban targeted commercial proposition".
They state that the group has sufficient financial resources available to be able to continue to invest in future growth strategies.
Numbers employed by the group last year declined from 240 to 201 with staff costs rising marginally from €10.56m to €10.99m.
Directors' pay totalled €287,000.
The group's combined non-cash depreciation and amortisation costs last year totalled €5.2m. The group’s operating lease costs increased from €943,000 to €1.27m.
At the end of June last, the group had a shareholders’ deficit of €9.39m.
This was made up of accumulated losses of €53m offset by share capital of €43.56m. The group's cash increased from €492,000 to €1.05m.
Reporting by Gordon Deegan
