Radio NOVA losses climb to over €5 million
Dublin-based Radio NOVA made a loss of just over €750,000 in the 12 months to the end of December 2015.
Added to the accounting figures from the last five years, the station’s accumulated losses now stand at over €5 million.
The numbers have been reported by the Fora.ie website, quoting the most recently submitted accounts, which also highlights the number of people employed by the company increased from 23 to 25.
NOVA’s CEO, Kevin Branigan has explained more to RadioToday.ie: “There’s no doubt that radio is an expensive business and not for the faint-hearted. Dublin is a very competitive market and the cost of building a strong brand is high. The quoted figures are from 2015 and we’ve grown revenues considerably since then. Our shareholders remain committed to Nova. It’s clear that long term thinking and committed radio investors are needed for radio projects to prosper in Ireland.”