Manx Radio reports financial loss amidst ‘continued market uncertainty’

Loss of around £20k reported by national broadcaster

Manx Radio has reported a financial loss of £20,392, for the year ending 31 March 2025, as outlined in its latest annual report.

This loss has been transferred to reserves.

The public service broadcaster received a government subvention from the Isle of Man Treasury of £1,184,024 for the year, equating to 50 percent of its income. 

The remaining 50 percent is financed via commercial advertising revenues.

Its turnover for the financial year stood at £1,181,182 for 2024/25 - down by seven percent (£86,255) compared to 2023/24.

Operating expenses of £2,420,771 were £154 below the previous year. 

On the financial loss, in his opening statement, Managing Director Christopher Sully said: "Under all the circumstances the resultant loss of £20,392 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."

The report reveals the company remains 'reliant on future subvention payments' and that Treasury, as shareholder, has confirmed 'it has no current intention to reduce the level of subvention allocated in the Budget, which is subject to the approval of Tynwald'. 

The approval of the subvention for the year ended 31 March 2026 was done in February 2025 and was fixed at £1,360,705, inclusive of funding for minor capital works of £153,000.

Also termed a public service grant for public service broadcasting, the subvention is provided on the basis a number of conditions are met across the station's broadcast output.

Elsewhere, the report states that the broadcaster employs an average number of 35 people.

In terms of remuneration, however, it only outlines that of the company's directors and trustees, alongside auditors.

Four directors received a combined total of £279,251; trustees took home £42,965 and auditors £13,697.

The company also saw £188,600 paid in pension costs.

The full report is available on Tynwald's register of business here and will be laid before the court at the April sitting.