Pretax losses at the radio group that operates FM104 in Dublin and other Irish stations narrowed last year by 36 per cent to €4.44 million.
New accounts filed by the Rupert Murdoch-owned Wireless Radio (ROI) Ltd show that the drop in losses came as revenues declined by 5 per cent from €19.78 million to €18.86 million in the 12 months to the end of June 27th last.
The directors noted that the business was operating amid 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 LMFM in Louth. Directors noted that digital listening statistics “indicate strong listenership levels to all our services”.
The accounts show that group earnings before interest tax depreciation and amortisation (ebidta) almost halved from €1.13 million to €645,000 in the 12 months to the end of June.
The group last year recorded post-tax losses of €1.86 million after recording a corporation tax credit of €2.57 million.
Numbers employed by the group declined from 263 to 240. with staff costs rising marginally from €10 million to €10.56 million.
Directors’ pay increased from €611,000 to €802,000, comprising €772,000 in remuneration and €30,000 in pension contributions.
At the end of June last, the group had a shareholders’ deficit of €8.45 million.