RT RETURNS NET DEFICIT OF 9.1 MILLION IN 2023 A CHALLENGING YEAR FOR THE ORGANISATION
A DECLINE IN TV LICENCE REVENUES, ALONG WITH AN INCREASE IN OPERATING COSTS AND THE BROADCAST OF SPECIAL EVENTS CONTRIBUTED TO DEFICIT FOR 2023
To view RT 's 2023 Annual Report, visit https://about.rte.ie/reports-and-policies/annual-reports/
RT is today releasing its Annual Report and Group Consolidated Financial Statements for the Year Ended 31st December 2023, following it being laid before the Houses of The Oireachtas this evening.
>>> RT 's 2023 Annual Report in summary:
TOTAL REVENUE: Total revenue (TV Licence/Commercial) decreased by 3.7m between 2023 and 2022 ( 344.0 million in 2023 vs 347.7 million in 2022).
LICENCE FEE: Licence fee income received by RT in 2023 was down 17.3 million compared to 2022, as TV licence sales were negatively impacted by the RT payments controversy. While this decline was somewhat offset by the additional 15m of interim funding, this additional funding was already allocated in RT s 2023 plans. This interim funding means that TV Licence revenue declined by 2.3 million ( 193.3 million vs 195.6 million).
COMMERCIAL REVENUE: Commercial revenue of 150.7 million in 2023 represented a year-on-year decrease of 0.9% (2022: 152.1 million). The main reason for this was the decline in Television Trading offset by Other Non-Trading revenues as RT continues to diversify its revenues.
OPERATING COSTS: Operating costs, excluding Special Events, increased by 9.3 million year-on-year ( 341.9 million in 2023 vs 332.6 million in 2022) as the 2022 pay agreement with the TUG took effect and the Irish economy entered a high inflation environment. RT also provided for additional amounts relating to the on-going investigation by the Department of Social Protection into the PRSI status of contractors.
SPECIAL EVENTS: Special Events costs increased in 2023 by 0.7 million ( 7.4 MILLION IN 2023 vs 6.7 million ion 2022) due to increased activity as the FIFA Women's World Cup, Rugby World Cup, European Qualifiers and the visit of US President Joe Biden occurred in 2023 vs the FIFA World Cup and UEFA Nations League in 2022.
PERSONNEL-RELATED COSTS: Personnel-Related costs increased by 9.8 million due to the Pay Agreement reached in November 2022, the increase in the contractor provision and pay increments awarded. These were offset by the hiring freeze announced in response to the decline in licence fee sales. Following a significant increase in energy costs in 2022, 2023 saw a 1 million drop in energy costs as the wholesale market price declined across 2023.
TRANSPARENCY: For the first time, and in line with the previous commitment of RTE Director-General; Kevin Bakhurst, RT has published in its annual report the earnings of its ten highest-paid on air presenters for the year as well as remuneration details of the permanent members of its Leadership Team
CASH BALANCES: Total cash balances, including liquid investments, on 31 December 2023 amounted to 78.7 million (2022: 114.0 million). This represents a decrease of 35.4 million and was primarily due to the decline in the level of licence fee sales following the RT payments controversy along with negative working capital movements during the year.
NET DEFICIT: The Net Deficit after tax and Exceptional Items for the year was 9.1m (- 2.8m in 2022)
Chair of the Board of RTE, Terence O'Rourke, said: While the publication of this report is an opportunity to reflect on the challenging year that 2023 was for RT , we are very much focused on the important work now well underway to transform the organisation. With the support of the multi- annual funding commitment announced by Government in July, RT is moving forward with an ambitious new five-year strategy. The Board is dedicated to ensuring that this work is underpinned by the highest standards of corporate governance and transparency.
Director-General of RT , Kevin Bakhurst said: 2023 was a difficult year for all of us in RT and for the many who had placed their trust in us. In response, through wide-ranging and significant reforms, I, along with my leadership team and the Board of RT , have faced the key issues head on and been committed to delivering the transformation RT needs to rebuild trust and restore confidence, both internally and externally. Through an unprecedented reform agenda, we have delivered greater transparency, rigour in our decision-making and more financial discipline, while focusing on the future and fulfilling our ambition for RT . We are grateful to all those who have paid their TV Licence during this period.
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RT RETURNS NET DEFICIT OF 9.1 MILLION IN 2023 A CHALLENGING YEAR FOR THE ORGANISATION
