Broadcaster iRadio returned to profit last year after suffering heavy losses during 2021, its latest accounts show.
The group, which has operated a youth radio service across 15 counties in the Republic since 2006, made a profit of just over €1 million in the year ended December 31st, which was up from a loss of €3.2 million the year before.
The group’s shareholders’ deficit amounted to €8.4 million, down from €9.4 million the year before. It said this was reflective of €11.2 million owed to its parent company, Wilton Radio. The company said the amount was subordinated in favour of all other debt and that it was anticipated it will only be replayed as cash flow permits.
“The directors consider that it is appropriate for the financial statements to be prepared on a going concern basis as they are of the opinion that the company will continue to develop its trade grow revenue and remain profitable into the future,” the group said.
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“Wilton Radio, the company’s parent, has indicated that it will continue to support the company through not seeking repayment of the loan until the company has sufficient cash flow to do so.”
Wilson Radio also pledged to supply additional funding if necessary to support the company for a period of at least 12 months from the date of the approval of the financial statements.
The average number of employees during the year was 37, which was unchanged from the year before.
