Losses jump to over €2m at arm of youth station iRadio
Losses rose to more than €2.4m at the company behind popular youth-oriented regional radio station iRadio in 2014, up from just over €200,000 the year before.
The parent company of iRadio, Wilton Radio Ltd, has invested about €11m into iRadio Ltd and iRadio Northeast & Midlands Ltd and is looking for the companies to move into profitability in 2016.
According to abridged accounts filed to the Company's Office, which do not provide a revenue figure for the year, accumulated losses rose to €8.3m at iRadio Ltd in year to the end of December 2014, up from €5.9m the in 2013.
However the other arm of the station, iRadio Northeast & Midlands Ltd, fared better and recorded a profit of €2,029,084 in 2014. Although the company still has a deficit of €3.3m, this is down from over €5.3m the year before.
iRadio is one of four regional youth oriented stations that were licensed by the BAI to challenge RTÉ 2fm and Today FM in the 15 to 34 age bracket.
It is one of the best performing Irish radio stations on social media, with over 440,000 Facebook page 'likes' and over 80,000 Twitter followers and has 373,000 weekly listeners.
The directors report for both iRadio Ltd and iRadio Northeast & Midlands Ltd states they are dependent on the availability of enough funding to help become profitable in 2016.
The reports also state that the shareholders of iRadio's holding company, Wilton Radio Limited, have indicated that they will provide funding "to support the continued operation and development of the company for the foreseeable future".
The iRadio directors added that projections prepared for the years ended 31 December 2015 and 2016 indicate that both companies will be profitable in 2016.
Parent firm Wilton Radio was co-founded by radio veteran Dan Healy. Mr Healy has invested significantly in iRadio along with existing Wilton shareholders Jim Conway and Paul Cummins, the man behind Telegael, the successful Galway animation studio.