Loss cut at EM News Irish unit
PRE-TAX losses at the Irish arm of media distribution group EM News narrowed slightly last year, as the company instigated cost-cutting measures, including a raft of redundancies.
The Irish arm of EM News Distribution (EMND) distributes British newspapers such as 'The Guardian' and 'The Sunday Times' as well as 'Hello' and 'Vogue' magazines.
Accounts just filed for EM News Distribution (Ireland) Ltd to the end of last December show the company posted a loss before tax of €1.47m, down from €1.48m a year earlier.
At an operating level the company lost €1.4m, little changed from 2010.
That figure however, included an exceptional charge of €1.5m due to restructuring bills tied to cost-cutting.
Last year was the first time in its four-year existence that the company posted an operating profit excluding exceptional items. It sought 24 redundancies last December.
Sales fell to €117m, from €120m in 2010.
The media distribution business has been faced with shrinking turnover for some time, with magazine readership in particular slipping back.
The Irish arm of EM News Distribution made savings of some €2m during 2009 and 2010, and more savings may be made this year.