RT reports break-even despite ongoing financial challenges

RT reports break-even despite ongoing financial challenges

Substantial Restructuring helps to stabilise RT Finances

RT is today releasing its Annual Report and Group Consolidated Financial Statements for the Year Ended 31st December 2014.

RT has for the second year achieved a break-even financial result. Despite the 5 million reduction in public funding in the 2014 Budget, and with some growth in commercial revenue, RT returned a small financial surplus for a second year, in line with 2013.

Noel Curran, Director-General, RT : Over the past three years we have made huge progress in reshaping RT for the future, not only by reducing costs but also by continuing to review and enhance everything that we do. During this period we have been subject to successive independent reviews that have found RT 's operations to be efficient. Yet, even while the recession is slowly lifting, the overall media market continues to be highly competitive and fragmented. RT will continue to fulfil the obligations and responsibilities placed upon us, and to remain relevant and essential to the everyday lives of people in Ireland. Achieving a secure funding basis is critical to RT 's future and to the wider cultural sector in Ireland. Audience remains at the centre of all that we do; our efforts to reduce costs and grow revenues would be for nothing if we didn't continue to deliver for audiences with our programming and services, and continue innovating with new digital products and services.

The break-even financial result achieved in the last two years follows a major restructuring of all of RT 's operations. An extensive efficiency drive across all activities, alongside voluntary pay cuts, saw RT significantly reduce its operating cost base by 30% compared to 2008 and return to a more stable financial footing.

Over and above returning a small financial surplus, the Annual Report highlights a range of other achievements for RT in 2014 including:

the launch of GAAGO

coverage of President Higgins' historic visit to Britain

the reports of the RT Investigations Unit including the far-reaching investigation at ras Attracta

increased provision of Irish-language news

a new look and schedule for RT One and RT 2, which together ensure that 20 of the most-watched programmes in the country are watched on RT

RT Radio 1 maintaining its position as the country's most-popular radio station

RT 2fm proving to have a turnaround year with audience growth

RT Orchestras, Quartets and Choirs performing to the delight of more than 180,000 people.

Moya Doherty, Chair of the Board of RT , commented: With the challenges posed in recent years by an increasingly competitive market, this is noteworthy financial management and I congratulate the Director-General and his team for what they have achieved. Achieving a secure funding basis for the future is a priority concern for the Board; cutbacks in production, which have been necessary, have impacted on the creative economy at large and RT is aware of its responsibilities to lead development in this area.

09 Me n F mhair 2015 Vivienne Flood, Corporate Communications Manager, RT , 087 7447 455 vivienne.flood@rte.ie

Read the report and watch a short video: http://www.rte.ie/about/en/policies-and-reports/annual-reports

LINK:	http://www.rte.ie/about/en/press-office/press-releases/2015/0909/72677...
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