The Irish advertising market returned to growth this year and looks set to expand further in 2015, according to the head of the group behind radio stations including Today FM and Newstalk. Communicorp said in its latest set of accounts that trading conditions in Ireland steadied in 2013 while management remain focused on tight cost control. Communicorp owns Today FM, Newstalk and Dublin's 98FM as well as stations overseas. It became the fourth biggest radio group in the UK last year after it bought eight local radio stations there.

Chief executive Gervaise Slowey said that the group was "very pleased" with the results for 2013. "Against a difficult market background, revenue from our existing operations stabilised in 2013," Ms Slowey said, pointing out that the overall Irish radio market saw revenue decline 3pc last year. Communicorp's turnover in Ireland fell by a slightly lower 2.5pc last year to €34.7m. Ms Slowey said there had been "good forward momentum" for Communicorp this year across all its 27 radio stations. Ms Slowey said that the current year also saw the Irish advertising market return to growth. "Early indicators for 2015 are that clients are investing in growing their business in Ireland," she said. Revenue at the group fell 27pc to €42.3m last year as it continued to dispose of assets in mainland Europe, according to new accounts for the business. Communicorp sold assets in Hungary last year, following the sale of businesses in Czech Republic, Estonia and Finland in 2012. Revenue from assets in Latvia and Bulgaria rose by a combined 5pc in 2013. Operating profit fell to €2m last year from €4.4m in 2012 as the impact of disposals filtered through. Communicorp's final loss for 2013 was €3.5m, due largely to interest on bank loans, overdrafts and other loans. That compared with a €35m loss in 2012, when it shouldered a €39m non-cash impairment charge. The accounts show that the group employed 508 people at the end of 2013, and paid €14m in wages and salaries.

Communicorp is owned by Denis O'Brien, who is the largest shareholder in Independent News and Media, which publishes the Irish Independent. In the latest accounts, the directors say that "our expectation is that we will continue to outperform the market and grow our market share next year."

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