The nationally licensed radio station, Today FM, has reported its first pre-tax profit of €843,944 under its new owners Scottish Radio Holdings (SRH).
The accounts covering the 6½ months ended September 2002 show the station producing an after-tax profit of €734,385 on turnover of €7.1 million.
The station was bought in March 2002 by SRH for about €76 million. The accounts say the station expanded its market share in 2002 and profitability was strong.
But when compared with the station's last set of accounts for the 12½ months to March 2002, profits were sharply down. However, Mr Willie O'Reilly, managing director of the station, said it was not appropriate to compare the 6½-month figure with the 12½-month data.
Doubling the 6½-month pre-tax figure would mean the station made a profit of €1.68 million over a one-year period. But Mr O'Reilly said this would not be a fair exercise because the station's strongest months were in September, October, November and December and this would mean more than doubling the 6½-month figure.
He said since the accounts had been published, revenue was up and profits were ahead of the same time last year.
The 6½-month accounts indicate the high cost of operating a nationally licensed station.
While turnover reached €7.1 million, operating expenses totalled €6.2 million. The station employs about 60 full-time staff and 16 part-time personnel.
According to a BCI review of Today FM, carried out earlier this year, "salary levels at the station are above average for the sector".
According to that review: "Each employee undertakes an annual performance review while a house agreement exists with the NUJ for the news team."
The accounts for the 6½ months show that as a result of the deal with SRH, several directors from Today FM now have shareholdings with SRH.
In the period under review, Mr John McColgan had 138,190 shares, Mr James Donnelly had 511,721 shares, Mr Richard Findlay had 268,877 shares, Mr Willie O'Reilly held 23,114 shares, while Mr David Goode had 7,410 shares.
