RT RETURNS TO BREAK-EVEN AFTER CHALLENGING FINANCIAL YEAR

RT RETURNS TO BREAK-EVEN AFTER CHALLENGING FINANCIAL YEAR

Substantial Restructuring Stabilised RT Finances.

RT is today releasing its Annual Report and Group Consolidated Financial Statements for the Year Ended 31st December 2013.

In line with commitments made by the Director-General in 2012, RT confirmed that in 2013, despite further falls in commercial income, RT returned to break-even, reporting a Net Surplus Before Tax of 1.1 million. This is the first time the organisation has reported a pre-tax surplus since 2007.

From 2008 onwards RT has faced considerable decline in revenue. In response, decisive action was taken including a radical restructuring of the entire organisation. Notwithstanding some particularly difficult financial years, throughout all of this time we have continued to deliver and develop the full range of RT services.

The uncertainties of the future will continue to challenge RT . Even while the recession is slowly lifting, the overall media market continues to be highly competitive and fragmented with increasing numbers of UK channels selling Irish advertising; new channels emerging; and an increased migration of viewers to digital services. RT will continue on its five year journey to transform to a public service multimedia organisation serving Irish audiences with quality content and a breadth of services. 2013 was the first year of that strategy and good progress was made.

Noel Curran, Director-General, RT

Since 2008 RT has reduced its operating cost base by over 132 million, or 30%. Following a wide-ranging strategic review, a major restructuring of RT 's operations took place to continue to reduce its operating cost base and return to financial stability. RT now has one of the smallest work forces and is at the lower end of comparable public funding of any public broadcaster in the EBU. The break-even position achieved in 2013 was the result of all of these measures and a rigorous financial management.

Over and above returning to modest profitability, the Annual Report highlights a range of other achievements for RT in 2013 including: the return of investigative journalism reports on RT One; the launch of RT jr, a new dedicated digital children's channel on television, radio, online and mobile; a new articulation and vision for RT One and Two, which together ensured that 19 of the most-watched programmes in the country were watched on RT television. RT Radio 1 maintained its position as the country's most-popular radio station, while RT Orchestras, Quartets and Choirs performed a total of 258 live public performances.

Tom Savage, Chairman of the RT Board, commented: I am delighted that the 2013 Annual Report confirms that RT was able to maintain the highest standards, producing high-quality programming and keeping the focus on public service and innovation, in spite of the financial challenges that have been faced over recent years. This return to financial break-even following on from the Government's positive response to the Five Year Strategy represents a significant milestone for RT ."

Ends:

1st July 2014

Related Links

RT Annual Report 2013

LINK:	http://www.rte.ie/about/en/press-office/press-releases/2014/0701/62769...
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