The independent radio station Today FM made operating profits of more than £1 million (#1.27 million) in the six months to the end of March, the same profits that the station made in the full 12 months to the end of September.

Details of the strong performance at Today FM are included in the half-year results from Scottish Radio Holdings (SRH), which now holds a 24 per cent stake in the station. The SRH results show that it included a contribution of £200,000 sterling (#326,691) in respect of this stake. This extrapolates to total operating profits of £1.06 million. SRH chief executive Mr Richard Findlay described the investment in Today FM as "a strong success story". He said the station now had a weekly listenership of 880,000, an increase of 8 per cent on the same period last year. Turnover at Today FM in the half-year was almost £8 million, up more than 40 per cent, boosted by strong advertising growth. During the period, Today FM repaid a £100,000 loan to SRH.

Mr Findlay would not comment on whether SRH would increase its stake beyond the current 24 per cent. But SRH controls its other radio stations in Northern Ireland and Scotland, and some sources believe it will increase its stake through a share issue or by buying out one of the shareholders.

ICC Venture Capital owns 23 per cent of Today FM and is seen as the most likely shareholders to realise its investment. The other shareholders include Riverdance founders Mr John McColgan and Ms Moya Doherty, and concert promoter Mr Denis Desmond.

SRH also owns the Kilkenny People Group and Ireland on Sun- day bought for a total of £36 million last year. The Kilkenny People, which publishes three regional papers in the south-east and has a substantial contract printing business, had half-year pre-tax profits of £1.3 million on sales of £4.8 million.

Mr Findlay said the Kilkenny People Group had performed very strongly. SRH also owns the Leitrim Observer and Mr Findlay said that his door was open to any other regional newspaper proprietors who might want to sell. Ireland on Sunday had losses of £640,000 in the first half. "We believe that there is a niche in the market for the paper and we are happy to invest in it, you get nothing for nothing in this business," said Mr Findlay.

He added that the island of Ireland now accounted for 40 per cent of the group's turnover. The strong results from Ireland - North and South - helped to limit the fall in first-half profits at SRH to 5 per cent. SRH had profits of £7.8 million sterling in the first half, and the group was hit by a slowdown in UK advertising.