Country Mix out of tune

One More Thing:While FM104 and Today FM continued to rake in the profits last year, Dublin's Country Mix FM added to its losses.

The station's accumulated losses widened by €208,000 to €3.2 million in the year to the end of March 2007, according to abridged accounts just filed with the companies office by Star Broadcasting.

Shareholders' funds are in deficit to the tune of €493,754. Investors are just about to close a €250,000 rights issue that has been fully subscribed.

Country's main backers are Gerry Carron, who owns 28.9 per cent, Paul Coulson's Yeoman International with 24 per cent, City Channel founder David Harvey, who has about 11 per cent, and chief executive Seán Ashmore with 3 per cent.

When contacted, Ashmore conceded that it was "highly unlikely if not impossible" that the accumulated losses would be recouped during its current licence term, which ends in 2011.

With just 6,500 listeners per quarter hour, it's a tough ask.

It's not all doom and gloom, though. Ashmore tells us that in the first nine months of the current financial year, County increased its revenues by 28 per cent and reduced its losses by 57 per cent. Revenues are likely to rise from just under €1 million in 2007 to about €1.2 million this year and it was profitable in five of those nine months.

These are the benefits of a increased marketing spend and some new hires to its sales team.

"There is certainly light at the end of the tunnel," Ashmore said.