O’Brien’s radio group slashes losses to €400k

Denis O’Brien’s radio-led international media group, Communicorp slashed losses and maintained advertising revenues last year.

The group — which owns the likes of Newstalk and Today FM and a host of stations in eastern Europe and the Baltic States — yesterday said pre-tax losses amounted to €400,000 in 2011; significantly lower than the €2.25m losses generated in 2010.

On an operating basis, profits were up by 36% — from €4.9m to €6.6m — aided by a “prudent” cost-reduction programme. Advertising revenue remained strong, at €64m; down only marginally from the previous year’s €68.4m total. The main driver in that decline was the disposal of the group’s Ukraine-based operations in the early part of 2011.