Earnings at Cork's 96FM owner decline by 19% to €2.2m

Revenues at Onic Audio dipped to €23m

The group’s pre-tax loss increased by 30% to €3.58m, and a corporation tax credit of €1.57m resulted in a post-tax loss of €2m.

Earnings at the radio group which operates Cork’s 96FM and FM104 in Dublin last year declined by 19% to €2.2m due to reduced revenues and increased costs.

New accounts filed by the Rupert Murdoch-owned Onic Audio Ltd show earnings before interest, tax, depreciation and amortisation (Ebitda) reduced from €2.73m to €2.2m in the 12 months to the end of June last.

This followed revenues dipping marginally from €23.37m to €23m as the group’s cost base rose from €26.12m to €26.66m.  The business, formerly named Wireless Radio (ROI) Ltd, last May changed its name to Onic Audio “to reflect a strategic rebrand".

Onic also owns Limerick’s Live 95Fm, LMFM and Q102 in Dublin and the directors say the impact of the reduced revenue on Ebitda has been compounded by an increase in operating costs during the year.

They say the group continues to maintain sufficient financial resources to support future growth strategies.

“Digital revenues in particular delivered significant growth in the period, and we continue to invest in this area to promote future growth,” they say.

The group’s pre-tax loss increased by 30% to €3.58m, and a corporation tax credit of €1.57m resulted in a post-tax loss of €2m.

The directors say “economic conditions were turbulent during the year, with the ongoing challenges of spiralling cost-of-living increases and the changing global political environment”.

“In spite of these challenges, however, the company continues to generate strong revenue performance and we commend the hard work and dedication of our loyal staff base throughout the period under review.” 

The directors say its licensed stations “deliver significant listenership in their respective franchise areas and combine to offer a quasi-national urban targeted commercial proposition”.