Irish Press plc profits shrink to a mere €11,000
THE most recent figures for Irish Press plc show that profits shrank to just €11,000 for the financial year 2006 after the decision to delay launch of the Thoms Directory put the media group's bottom line under pressure.
The accounts for the year portray a media business radically different from what was once the biggest newspaper publisher in the country. It last published the Irish Press in May 1995.
Today, the group has a far slimmer profile, with its key interests now including Thoms Directories, a 56pc stake in regional radio station Tipp FM, and financial investments.
Overall, the Irish Press had a turnover of €2.05m in 2006, down marginally on 2005, while pretax profits fell sharply to just €11,000, down from €285,000.
Revenue from sales of Thoms Directories suffered from a decision to defer the publication of the 'Dublin Street Directory 2007' to September last year, chairman Eamon de Valera noted in the group's most recent annual report.
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.