Pretax profits at Today FM, the national radio station, have risen by over 27 per cent as the Irish advertising market rebounds strongly.

The station, owned by Scottish Radio Holdings (SRH), has reported pretax profits of €4.2 million for the year to the end of September 2004, compared to €3.3 million a year earlier.

The results come as the full SRH board arrives in Dublin for its monthly board meeting. Apart from Today FM, SRH owns FM 104 and the firm is currently purchasing Highland Radio in Donegal for €6 million.

Today FM, which derives all its income from advertising, sponsorship and promotional activity, managed to increase turnover by 9 per cent from €12.5 million to €13.6 million. Operating expenses rose slightly to €10 million from €9.2 million. The firm had accumulated profits of €1.48 million.

The station has gained market share at the expense of RTÉ in recent years, mainly on the back of rising listenership figures for presenters like Ray D'Arcy.

The company, which is officially known as Radio Ireland Limited, said it was very happy with the results. "These financial statements are a further example of the success that is Today FM and bode well for the continued growth and development of the station," said chief executive Willie O'Reilly.

The accounts reveal that the stations's major cost was for programming (€4.9 million), followed by €2.3 million for sales and marketing and administration (€1.3 million).

The company has seven directors, including Mr O'Reilly. Another director is one of the former owners of the station - Riverdance creator John McColgan. The directors were paid a total remuneration including pension provision of €577,503, up from €419,256 in the previous year.

The station is facing increased competition in the years ahead with the Broadcasting Commission of Ireland (BCI) planning to licence additional services.