Cork’s Red FM expected to become profitable this year

Investors in the Cork radio station Red FM expect that it will become profitable this year, according to shareholder and company secretary Fiona Darcy.

She said Siteridge Ltd, which trades as Red FM, will show a loss for 2014 but that new investment made by the shareholders during 2014 was showing results in terms of listenership figures and that targets for the business were being met. “We are delighted,” she said.

The music-driven station, targeting a young adult audience, has had its licence renewed after no competing expression of interest was made to the Broadcasting Authority of Ireland.

Abridged accounts for Siteridge show that it had accumulated losses of €5 million at the end of 2013 and that interest-free loans from investors totalled €4 million.

Vienna Investments, a nominee company representing a number of individuals, had loans of €2 million to the company, while Sappho Ltd, representing some members of the Crosbie family, had loans totalling €1.3 million.