Manx Radio reports financial loss amid ‘continued market uncertainty’

"The resultant loss was a creditable achievement given the continued market uncertainty" says MD

Manx Radio is reporting a financial loss of £1,888, for the year ending 31 March 2024, as outlined in its latest annual report.

The public service broadcaster highlighted a challenging year with reduced commercial revenues, and increased operating expenses, resulting in a reversal from last year’s profit of £14,524.

The station’s turnover for the financial year stood at £2,395,079 which is down four percent from the previous year.

A government subvention from the Isle of Man Treasury accounted for £1,127,642, representing nearly half of the station's income.

The report states this reliance on public funding is expected to continue, with future funding subject to approval by Tynwald, creating some uncertainty regarding the station’s financial stability.

Despite the challenges Manx Radio believes it continues to fulfil its role as the Island's public service broadcaster; marking its 60th year of broadcasting with special anniversary programming and continuing its range of offerings, including news, sports, arts, and community content.

The broadcaster also highlighted its expanding focus on digital content, with nearly 100 podcasts available on platforms such as Spotify, Apple, and Audible among others.

Several journalists and programmes have also received nominations for prestigious awards.

The comedy show 'IM1' was nominated for a Radio Academy ARIA Award, while journalists Amy Griffiths, Chanelle Sukhoo, and Rob Pritchard received recognition for their coverage of key Isle of Man stories over the past year.

The report goes on to outline the continuing pressures that Manx Radio faces from an evolving advertising market with commercial revenues falling as local businesses continue to recover from the economic effects of the pandemic.

Throughout 2023 listener figures returned to pre-pandemic levels, averaging at 27,750, which represents approximately 41 percent of the market share.

However board members remain optimistic about the station's ability to adapt.

On the technical side Manx Radio launched a trial DAB+ transmitter, in 2023, offering ‘crystal-clear’ digital coverage across parts of the Island.

It’s anticipated that the expansion beyond the Douglas, Onchan, and central valley areas will require further investment and regulatory approval.

As part of ongoing efforts to reduce costs and contribute to the Island's Net Zero targets the station has also implemented nightly shutdowns of its AM transmitter.

Managing Director Chris Sully said: “News and information are still the central lynchpin of all that we do and our team strive to provide timely, accurate and impartial coverage of the events and changes which matter to our community.

“Under all the circumstances the resultant loss of £1,888 was I believe a creditable achievement given the continued market uncertainty which is evident in almost all sectors that we engage with for our commercial advertising revenues.

“In 2024 Manx Radio celebrates 60 years of broadcasting having been set-up as the first legal commercial radio station in the British Isles (pre-dating LBC and Capital Radio by nearly ten years).

"We're extremely proud to carry the legacy of that history forward.”

You can read the full annual report - which will go before Tynwald - HERE.