Today FM, the national radio service owned by UK company Emap, has reported a significant increase in turnover and operating profit, fuelled by strong growth in the Irish advertising market.
The station, which employs well-known broadcasters like Ray D'Arcy and Ian Dempsey, recently had its national licence renewed for another 10 years by the Broadcasting Commission of Ireland (BCI).
The results for the year ended September 30th, 2005, show turnover rising by 11 per cent and operating profits up by more than 20 per cent.
The station's turnover jumped from €13.6 million to €15.1 million, a rise of 11 per cent. Operating profits went from €3.6 million to €4.4 million, a rise of 22 per cent.
The owner of the station, Emap, took a €943,594 management charge from the operating profit figure, although it decided against taking a dividend out of the business during this period.
Because of the management charge the pre-tax figure was static at €4.2 million, virtually the same as the previous year. The station had over €5 million in accumulated profits on its balance sheet.
Costs at the station were up 10 per cent at €10.7 million, with two extra people joining the station, bringing the total staff complement to 77.
Some 56 of the staff were involved in the programming area, 11 worked in sales and 10 in administrative work.
The station is currently the only national rival to RTE's various services. However, later this year NewsTalk 106 is hoping to be awarded a quasi-national licence following an oral hearing.
Today FM, which was acquired by Emap almost two years ago from Scottish Radio Holdings, still has links back to its time as Radio Ireland. The company that owns the station is Radio Ireland Ltd, although it trades as Today FM. Among the directors is John McColgan, one of the founders of Radio Ireland.
Speaking over the weekend the chief executive of the station Willie O'Reilly said: "It's our best result to date and is proof that the changes introduced in our schedule in September 2004 have met with strong approval from both listeners and advertisers."
He said one of the major changes during the period had been moving the Ray D'Arcy Show into an earlier start time. He said listenership to the Last Word, hosted by Matt Cooper, also grew strongly during the period of the accounts.
The Irish Times revealed two months ago that Today FM is forecasting turnover of €19 million within the next four years. The forecast was included in its application for its licence renewal to the BCI. The station also has plans to move from its Abbey Street offices at a cost of €2.5 million. It hopes to spend €1.1 million on new studios and engineering equipment.
In that application the station said it was not planning to pay its parent, Emap, any dividend for the next three years.
