Today FM has started to reach its monthly financial targets for the first time since the station came on air as Radio Ireland in March 1997.

According to sources at the station, it is now nearly certain that it will reach the £3.5 million per annum revenue target imposed when the station was relaunched at the start of this year. It is believed the station is now making three to four times what was being generated this time last year. It is also operating with far less staff, about 70 full and part time, compared to more than 100 last year.

Following a troubled launch as Radio Ireland, the directors brought in Ginger Productions, Chris Evans's productions company, to redesign the format.

Today FM is now attracting about 8 per cent of the radio market, which is still small compared to RTE or the combined strength of local radio, now holding about 45 per cent. The station is spending about £1 million on promoting itself this year.