Significant growth in digital revenues last year helped to deliver a €343,000 increase in overall revenues to €22.4m 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 the increase in revenues to €22.4m coincided with pre-tax losses increasing by €200,000 to €2.78m in the 12 months to the end of July 2nd last.
The directors state that "digital revenues in particular delivered significant growth in the period and we continue to invest in this area to promote future growth".
The group also owns Limerick’s Live 95Fm and Q102 in Dublin and the accounts show that group Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) increased by €85,000 to €2.7m.
The directors state that the impact of the increased revenue in the year on EBITDA has been offset by a smaller increase in the operating costs during the year.
The News Corporation owned group - which also operates LMFM - last year recorded post tax losses of €1.18m after recording a corporation tax credit of €1.595m.
The directors state that "economic conditions were difficult during the period, compounded by the war in Ukraine and the ongoing challenges of spiralling cost of living increases".
They state that "in spite of these challenges however, the company continues to benefit from an improving revenue performance and we commend the hard work and dedication of our loyal staff base throughout the period".
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.
The directors state that "our main focus continues to be the delivery of local content, broadcast on FM and our digital channels and amplified on digital and social platforms".
Numbers employed by the group last year increased from 201 to 225 with staff costs rising by €816,000 from €10.99m to €11.81m.
Directors’ pay totalled €265,000.
The group’s combined non-cash depreciation and amortisation costs last year totalled €5.48m. The group’s operating lease costs declined from €1.27m to €995,000.
At the end of June last, the group had a shareholders’ deficit of €10.6m.
This was made up of accumulated losses of €54.2m offset by share capital of €43.56m The group’s cash increased from €1.05m to €1.45m.
Reporting by Gordon Deegan
