Growth in digital revenues at owner of 96FM helps revenues to increase to €23.37m

The US headquartered News Corporation-owned group — which also operates LMFM — last year recorded post-tax losses of €1.16m after recording a corporation tax credit of €1.58m.

Significant growth in digital revenues last year helped to deliver a €968,000 increase in overall revenues to €23.37m 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 the increase in revenues to €23.37m coincided with pre-tax losses narrowing slightly from €2.78m to €2.74m in the 12 months to the end of June 30 last 

The directors said “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.

The US headquartered News Corporation owned group — which also operates LMFM — last year recorded post-tax losses of €1.16m after recording a corporation tax credit of €1.58m.

The directors’ report says “throughout the financial year, the directors have continued to monitor the impact of the increased cost-of-living crisis along with other ongoing economic conditions”.

They say the company “has continued to operate successfully through these issues and will continue to meet further challenges head on”.

Numbers employed by the group last year increased from 225 to 235, as staff costs fell from €11.81m to €11.62m.

Directors’ pay totalled €271,000.