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Cash reserves at Kenny firm near €400k

Broadcaster Pat Kenny may be facing the prospect of a further pay cut at RTE but can console himself with new accounts showing his firm's cash pile almost topped €400,000 last year.

The RTE broadcaster has entered new talks with the station to renew his two-year contract against the background of Director General Noel Curran raising the prospect of fresh cuts for the station's top paid stars.

However, new accounts filed by Kenny's media firm, Pat Kenny Media Services Ltd, show that it increased its cash pile by €110,690 or 39pc from €285,547 to €396,237 in the 12 months to the end of June 30, 2012.

The accounts show that Kenny's firm increased its accumulated profits by €140,396 increasing from €168,662 to €309,058 – an increase of 83pc.

The returns show that during the year under review, Mr Kenny – who celebrated his 65th birthday this year – sold investments totalling €387,000 to the company.

The figures show that monies owed by the firm to its two directors, Mr Kenny and his wife Kathy, increased by €386,979 from €17,197 to €404,176.

The firm's corporation tax in 2012 totalled €19,987 compared to €20,189 in 2011.

Mr Kenny was paid €950,976 by RTE in 2008, then had his salary reduced to €729,604 in 2009. It was down to €630,000 in 2010 and 2011 – a 34pc decrease overall.

The broadcaster's Monday to Friday radio show attracts one of the station's highest daily audiences with over 320,000 listeners; and under RTE's revamped TV current affairs schedule, Mr Kenny is working additional hours following the axing of his 'Frontline' show.

Earlier this week at an event, Mr Kenny admitted he had "no idea" when an agreement would be reached on his new contract.

Mr Kenny is in favour of pay cuts at the station. "I've always said that and I've already done it," he said.

At an event in Limerick earlier this month, Mr Curran confirmed proposed 40pc pay cuts for the station's top stars.

He said: "What we have announced so far are those whose contracts have already been done, but we have made it clear that there are other contracts up for renewal and obviously there will be negotiations around those. By the time we are through all of those contracts, it will be closer to 40pc."

Irish Independent