The amount of public funding Manx Radio receives looks set to increase during the current financial year.

That’s despite the fact the island’s public service broadcaster reported a loss of £1,888 for the financial year ending March 2024 compared to the £14,524 of profit it reported during the previous financial year.

Meanwhile, the annual subvention - the amount of funding it receives from the Isle of Man Government - increased to £1,127, 642 for the 2023/24 financial year, a figure which almost matches the station’s turnover of £1,267,437 for 2023/2024.

The subvention figure that Manx Radio received for the 2022/2023 financial year was £1,089,509, meaning the government gave the station an extra £38,133 in 2023/2024.

The government funding the station receives is laid out in more detail in the financial notes of its annual report which has just been published.

It says: ‘As the Company is reliant on future subvention payments, the Treasury, as shareholder, has confirmed that 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 March 31, 2025 was done in February 2024 and is expected to be £1,334,022, including funding for Minor Capital Works of £150,000.

‘While the company has no reason to believe that any future subvention would be declined, the ultimate decision lies with Tynwald and is therefore outside the control of the Company.

‘As the directors are confident that approval will be obtained, the company continues to adopt the going concern basis in preparing the financial statements. However, the inherent timing over the future approval of future subvention, represents material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.’

However, managing director Chris Sully remains optimistic and believe the relatively small loss is an ‘achievement’ in the current climate.

He said: ‘News and information are still the central lynchpin of all that we do and our team strive to provide timely, accurate and impartial coverage of the events and changes which matter to our community.

‘Under all the circumstances the resultant loss of £1,888 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.

‘In 2024 Manx Radio celebrates 60 years of broadcasting having been set-up as the first legal commercial radio station in the British Isles (pre-dating LBC and Capital Radio by nearly ten years).

‘We're extremely proud to carry the legacy of that history forward.’

The station now measures itself beyond purely audience figures on live broadcasts and says it has expanded its digital offering with nearly 100 podcasts available on platforms such as Spotify, Apple, and Audible among others as well as populating its online website.

Throughout 2023 listener figures returned to pre-pandemic levels, averaging at 27,750, which represents approximately 41 percent of the market share.

Manx Radio also launched a trial DAB+ transmitter in 2023, offering clearer digital coverage across the Douglas, Onchan, and central valley areas with plans to expand it.