SCOTTISH Radio Holdings, the Glasgow based media company that has a 15 per cent stake in Radio Ireland and owns Belfast's Downtown Radio, has said it made record profits for the six months to the end of March.
Total group turnover rose 37 per cent to £18.3 million sterling, the company said. Within this, turnover from continuing operations grew from £13.3 million to £15.5 million.
Pretax profits rose 39 per cent to £4.5 million. Operating profits in continuing operations rose 24 per cent to £4.06 million, and there was a contribution from Downtown Radio of £455,000, SRH said.
The acquisition of Downtown Radio for around £10 million last September had proceeded well, the company said. Northern Ireland's Morton Newspaper group, which includes the Ballymena Guardian and was also bought recently by the group, was also contributing to earnings.
Downtown, the only commercial station in the North, operates Downtown Radio and Cool FM, and has an estimated 30 per cent share of listeners.
On the subject of Radio Ireland, which only began broadcasting on March 17th last, the company's chief executive, Mr Richard Findlay, said: "Normally, we would expect a radio station to break even after two years and perhaps be in profit after three. In Radio Ireland's case, because of its format, there may be an extra year."
Mr Findlay said he was particularly happy the group's market capitalisation had breached the £100 million mark, which the management saw as an endorsement of its decision to invest in local newspaper publishing.
