Denis O’Brien’s radio business Communicorp Group moved into profit last year after a simplification and restructuring of the group over the previous two years boosted its bottom line. A smaller rise in operating costs left the group generating an end of year after-tax profit of €1.559m. “This is a strong performance in a challenging market where the overall radio revenue in the Republic of Ireland declined,” according to the financial accounts. With Covid dominating 2020, Mr Dempsey said Communicorp’s stations including Today FM, Newstalk, 98FM and Spin have again held or improved their market positions this year. The latest accounts show majority shareholder Denis O'Brien's financial support to the group increased during the year, bringing his total loans to Communicorp to €104.2m from €101.6m.

Source: Irish Independent December 23, 2020 02:37 UTC