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Wednesday 1 October 2014

RTE reports €1.1m profit, first since 2007: annual report

Ailish O'Hora

Published 01/07/2014 | 13:31

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Noel Curran,Director General of RTE
Noel Curran
Pat Rabbitte

STATE broadcaster RTE reported its first profit or net surplus after tax of €1.1m last year, its first since 2007, new figures show.

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RTE today released its annual report – the net surplus compares with a net deficit in its accounts of over €65m in 2012.

The change in fortune was due “largely due to a significant reduction in costs as well as the fact that the considerable once-off restructuring charge of €46.2m was incurred in 2012” it said today in a statement.

“The challenge now for RTÉ is to maintain a financially stable position in a very competitive and dynamic market,” it added. "The broadcasting sector in Ireland has changed dramatically in recent years with an increasingly fragmented market containing several broadcasters with a global reach."

Director general Noel Curran warned that while the turnaround was due mainly to the cutting of costs,  the broadcaster will have to stay on its toes.

"The uncertainties of the future will continue to challenge RTÉ. Even while the recession is slowly lifting, the overall media market continues to be highly competitive and fragmented with increasing numbers of UK channels selling Irish advertising; new channels emerging; and an increased migration of viewers to digital services.

"RTÉ will continue on its five year journey to transform to a public service multimedia organisation serving Irish audiences with quality content and a breadth of services.  2013 was the first year of that strategy and good progress was made.”

The report was launched by communications minister Pat Rabbitte.

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