IRADIO’S TWO fledgling independent regional radio stations lost just under €2.6 million between them in 2008, according to accounts just filed for the companies.
Accounts for iRadio Ltd, which operates the Galway-based i102- 104 service that covers the northwest of the country, show that it made a loss of €1.53 million last year.
This left the company with accumulated losses of €2.76 million. The station began broadcasting in February 2008 and achieved a JNLR listenership figure of 15,000 per average quarter hour in the most recent audience survey.
Its sister station, Athlone-based iRadio North East and Midlands Ltd, which went on air in November 2008, made a loss last year of €1.06 million. This left it with accumulated losses of €1.26 million.
Both companies filed abridged accounts providing only limited financial information. No revenue figures were provided.
The accounts show that iRadio Ltd had €3.1 million in shareholder loans while its sister station had loans outstanding to its backers of €1.77 million.
Both stations are owned by Wilton Radio Ltd, an entity that is led by experienced radio executive Dan Healy.
Mr Healy said iRadio Ltd was on target to break even by the end of 2010 but the northwest station would take longer to reach the black, due in part to the effect of the spillover from the Dublin commercial stations on its services in the north east.
He said the company’s backers would provide about €700,000 in additional funding to the two stations this year as they continued to find their commercial feet.
Mr Healy said the regional stations, who both target a 15- to 34-year-old audience, had hit their targets in terms of sponsorship and promotions, but they had found it “challenging” to attract the support of the country’s biggest advertising agencies.
He said i102-104’s recent JNLR performance was beginning to draw in extra advertising revenue.
“We’re starting to see some lift in September and we’re expecting the main four agencies to row in behind that.
“We got two stations up and running in a tough economy and we’re confident that we will start making the revenue off the JNLR figures.”
The accounts for iRadio Ltd show that it leased €900,000 worth of fixed assets with AIB in 2008. This sum has been guaranteed by Wilton Radio, its parent group.
