Today FM is making a small profit in some months and should break even in the short term, Mr Richard Findlay, chief executive of Scottish Radio Holdings, a 22 per cent shareholder in the station, has said.
Mr Findlay said advertising revenue and audience figures were increasing for Today FM, the independent national radio station formerly known as Radio Ireland. "We are very pleased at the direction the company is taking," he said. "We hope it will be able to break even in the short term and to return a reasonable profit in the long term, as well as getting rid of the accumulated deficit," he said.
Mr Findlay said Scottish Radio was happy with its stake, which it recently increased, but if other shareholders wished to sell their stakes, it would be interested in buying them - but only at the right price. He added that the station - which was recently refinanced and has had a difficult period since its establishment - would file its results for the year ending March 31st within a few weeks.
Scottish Radio said its share of operating losses since Today FM became an associate amounted to £17,000. Scottish Radio also owns the Leitrim Observer, based in Carrick-on-Shannon. The Scottish company's interim results, published yesterday, show the newspaper contributed an operating profit of £38,000 for the five months since it was bought.
Mr Findlay said Scottish Radio would be interested in buying other newspapers in the Republic, again depending on price. He said the Republic was a very buoyant market, and increasing its presence here "wouldn't cost us a thought, provided it enhances earnings per share".
Scottish Radio's results for the six months to March 31st last showed pre-tax profits of £7.21 million sterling (€10.9 million), up 35 per cent on the £5.36 million for the same period last year. Turnover increased to £24.5 million, up from £21.3 million.
The radio division saw revenues up 14 per cent on the same period last year. The publishing division, SCORE Press, which owns 33 titles in Britain and Ireland, also saw buoyant business, with operating profits ahead by 13 per cent.
The growth was achieved by a 4 per cent increase in advertising revenues, coupled with stable newsprint costs and a reduction in overheads.
