The Irish advertising market returned to growth this year and looks set to expand further in 2015, according to Communicorp chief Gervaise Slowey.
The company’s turnover in Ireland fell by a slightly lower 2.5pc last year to €34.7m but Ms. Slowey said there had been “good forward momentum” for Communicorp this year across all its 27 radio stations.
She said that the current year also saw the Irish advertising market return to growth, adding that “early indicators for 2015 are that clients are investing in growing their business in Ireland”.
Revenue at the group – which is fully owned by businessman Denis O’Brien – fell 27pc to €42.3m last year, with operating profits falling to €2m in 2013 from €4.4m the previous year. Their final loss for 2013 was €3.5m, due largely to interest on bank loans, overdrafts and other loans, although this is a vast improvement on the €35m loss recorded in 2012, when Communicorp shouldered a €39m non-cash impairment charge.
The accounts show that the group employed 508 people at the end of 2013, and paid €14m in wages and salaries. In the latest accounts, the company directors say that “our expectation is that we will continue to outperform the market and grow our market share next year.”