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Profits down at Radio Kerry as market share increases

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Radio Kerry

Radio Kerry

Radio Kerry

Profits at the company which operates one of the most popular local radio stations in the country, Radio Kerry, last year tumbled by 61pc.

New accounts lodged by Radio Ciarrai Teoranta show the profits of €87,611 in the 12 months to the end of April 2019 were well below the €226,242 earned in the previous year.

The accounts show the Radio Kerry company last year paid out a dividend of €288,000, following a €270,000 payout in fiscal 2018.

Numbers employed by the company last year increased to 43 and the profit takes account of non-cash depreciation costs of €131,886.

Directors' pay totalled €150,000.

At the end of April 2019, the company's shareholder funds totalled €3.37m - that figure included accumulated profits of €2.98m.

Radio Ciarrai Teoranta's cash pile reduced to €504,524 from €853,217.

The most recent JNLR listenership survey shows that Radio Kerry increased its market share by 1.6pc to 53.2pc last year, one of the highest market share figures of any local station in the country.

A planned €2.67m purchase by Radio Ciarrai Teoranta's parent firm, Radio Kerry Holdings, of Clare FM and a controlling 70pc stake in Tipp FM collapsed last year.

In a letter to around 500 Clare FM shareholders in the aftermath of the deal collapse, CEO Tim O'Keeffe told them "it was for reasons beyond our knowledge that the deal did not complete".

"As a company we are extremely disappointed it has not been possible to close the deal to everyone's satisfaction," he said.

"It remains our view that consolidation within the industry is inevitable and positive for our industry."

At the time, a spokesman for Clare FM said it was "very disappointed" by the contents of Mr O'Keeffe's letter.

Radio Kerry Holdings also owns the dual radio franchise Shannonside Northern Sound and recorded profits of €287,878 for the 12 months to the end of April.

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