Monday 27 May 2019

Murdoch media group records €3.4m earnings

 

Rupert Murdoch
Rupert Murdoch

Gordon Deegan

Earnings at the Rupert Murdoch-owned Wireless Group which owns a host of local radio stations here, including FM104 in Dublin and Limerick's Live95 FM, last year totalled €3.49m.

This followed Wireless Radio (ROI) Ltd recording revenues of €22.67m in the 12 months to the end of July 1st last - a 33.6pc decline on the €34.17m in revenues for the prior 18-month period.

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The business's earnings before interest tax depreciation and amortisation (ebitda) last year totalled €3.4m compared to €4.2m for the prior 18-month period.

Wireless owns FM104 and Q102 in Dublin, LMFM in Louth and Meath, Cork's 96FM and C103 along with Live95FM in Limerick.

Wireless Radio (ROI) Ltd last year recorded pre-tax losses of €2.23m and this followed pre-tax losses of €4.33m for the preceding 18 months.

The €2.23m pre-tax loss takes account of combined non-cash amortisation and depreciation costs of €5.7m.

The company recorded a post-tax loss of €596,000 after recording a tax credit of €1.63m. Numbers employed by the stations in the 12 months to July 1 last declined from 259 to 240 and staff costs last year totalled €11.25m. Pay to directors last year totalled €1.1m and €182,000 was also paid to past directors in respect of compensation for loss of office or other termination benefits.

The firm had a shareholders' deficit of €505,000 on July 1 last. The company's cash pile increased from €3.39m to €4.9m. According to the directors' report, 734,000 people tune into the business's stations on a daily basis.

They said: "Market share has declined slightly year on year across our station network, but weekly reach has improved to 23.7pc since last year.

"We continue to command a premium based on the desirability of our key urban-based audience."

Irish Independent

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