According to the latest accounts from RTÉ Commercial Enterprises DAC, pre-tax profits soared by 106% to €11.44 million, with revenue rising by 16%, from €16.6 million to €19.28 million.

The surge In profits was also supported by a 28% drop in operating costs, which fell from €11.4 million to €8.2 million. A significant factor in this reduction was the non-recurrence of costs associated with the 2022 production of the box-office flop Toy Show The Musical. That production generated revenues of €495,961 but incurred costs of €2.69 million, leading to a €2.2 million loss.

Last year’s profits were further bolstered by a €381,000 profit share from RTÉ’s joint GAAGO venture with the GAA, marking an 18% increase from the previous year’s €323,000 share. Revenues at GAAGO doubled, rising from €2.4 million in 2022 to €5.06 million in 2023.

The directors noted moderate revenue increases in areas such as Radio Promotions and TV Programme Sales, though these gains were offset by declines in revenue from the RTÉ Guide and Special Live Events.

Programme Interaction Competitions (PIC) revenues remained flat, with audience engagement in TV competitions yet to return to pre-COVID levels. Meanwhile, RTÉ Guide copy sales dropped 7.6% year-on-year, in line with an 8% decline in the magazine market. The flagship Christmas issue saw sales fall to 225,355 copies, down from 240,600 the previous year. Advertising revenue for the Guide also declined, reflecting challenges in the magazine advertising market.

Two key figures involved in the fallout from RTÉ’s “secret payments” scandal — former Commercial Director Geraldine O’Leary and former CFO Richard Collins — resigned as directors during the year.

Contractor payments at the company dropped sharply from €638,000 to €97,000, while employee costs fell from €2.74 million to €2.1 million, with staffing numbers decreasing by two, leaving 25 employees in commercial, merchandising, editorial, and content production roles.

At the end of 2023, the company’s accumulated profits stood at €125 million, with cash reserves rising from €1.9 million to €6.6 million.

Commenting on the digital distribution agreements, an RTÉ spokesperson said, “RTÉ Player licensing involves commercial agreements between RTÉ and third-party television services like Sky, Eir, Vodafone, and Virgin Media.”