Delayed Thoms curtails Press profits
PROFITS at the Irish Press shrank to just €11,000 last year as the delayed launch of the Thoms Directory put the media group's bottom line under pressure.
The accounts portray a media business radically different to the group's heritage as publisher of national newspaper The Irish Press, with the group's key interests now including a Thoms, a 56pc stake in regional radio station Tipp FM, and financial investments.
Overall, the Irish Press notched up a turnover of €2.05m last year, down marginally from 2005's figures, while pretax profits fell sharply to just €11,000, down from €285,000 in 2005.
"Revenue from sales of Thom's Directories suffered from a decision to defer the publication of Thom's Dublin Street Director 2007 to September 2007," noted chairman Eamon de Valera.
Mr de Valera added that the cost of setting up new venture Minotaur Business Research Systems had also depressed the year's results, while Tipp FM "again performed strongly".
Despite the fall off in profits, the company proposed paying a dividend of €127,000, down slightly from the €130,000 paid the previous year.