Business Irish

Saturday 23 August 2014

Firm owned by 2fm presenter Hayes increases profit by 65pc

Gordon Deegan

Published 20/12/2012 | 05:00

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Profits at the firm co-owned by 2fm presenter Colm Hayes last year increased by 55pc to €41,356, new figures show.

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Accounts just filed by the presenter's firm, Colm Hayes Media Services Ltd, show that profits increased from €26,662 in 2010 to €41,356 in the 12 months to the end of December last year.

The latest figures from RTE show that Mr Hayes is one of the best-paid presenters at the station.

Figures published last year for 2009 show that Colm Hayes Media Services Ltd received €213,954 in fees. Mr Hayes said subsequently that he had taken significant cuts in pay.

JNLR figures for 2012 confirms that the Dubliner presents one of the top-rated shows on 2fm, pulling in 137,000 listeners, to put him behind only Ryan Tubidy and Hector O hEochagain.

The accounts also reveal that Mr Hayes paid back an interest-free loan of €96,324 during 2011 that was outstanding at the end of 2010.

The accounts are abridged and do not show a revenue figure for the year.

The figures show that the firm's accumulated profits jumped from €51,454 to €84,887 during the year.

Mr Hayes got the mid-morning slot after impressing RTE executives when he featured in that slot with Lucy Kennedy following the death of Gerry Ryan in 2010.

After his 2009 RTE salary was revealed, his former radio partner, Jim-Jim Nugent revealed he was on less than half that figure.

The accounts reveal that the Colm Hayes Media Services Ltd had an investment of €65,000 in Red FM.

The company paid corporation tax of €5,457 during 2011.

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