Midland Radio turns up profits

Ian Guider

Last year was a very good year for the station with pre-tax profits more than doubled from E115,099 to E267,435 in the year to the end of September 2003.

While the national media sector suffered an advertising downturn, Midland Radio saw its annual turnover growing, rising from E2.2 million to E2.6m.

Midland Radio wages and salary bill was flat during the year at E1.31 million. The five directors of the company saw their pay rise from E260,172 to E285,570 during the year.

The station is owned by Patrick and Pádraig Kiernan, Cathal Brady, Meave Clark and Richard Devlin.

Shareholders funds at the year end were a respectable E836,150, though creditors due within 12 months were up to E771,870.

The company has little long-term debt, the accounts show.

Local radio stations are seen as a profitable investment, as advertising is more stable than the national sector where advertising budgets from the major corporation can be cut easily.

If Midland profits continue to grow at their current rate the station could be the next target for bidders.

Scottish Radio Holdings, Today FM and FM104 owner, and Ulster Television, owner of 96 Fm and County Sound, are still looking for radio acquisitions in Ireland.