Publisher Formpress sees profits of €1m
Pre-tax profits at regional newspaper publisher Formpress came in at €1m in its latest accounts.
Formpress Publishing is a subsidiary of Iconic Newspapers, which operates 14 local news titles in Ireland including the 'Kilkenny People', the 'Limerick Leader', the 'Longford Leader' and the 'Leinster Express'.
The accounts show that revenues at Formpress Publishing were €13m in the 12 months to the end of March last.
The prior year accounts showed profits were €14.2m but for a longer 14 month period. On a like-for-like basis profits are understood to have been flat.
Formpress is 100pc owned by Iconic Newspapers, which paid Johnston Press €8.7m for the Irish titles April 2014.
Iconic is controlled by British advertising executive Malcolm Denmark. Mr Denmark is one of two directors the board of Formpress Publishing along with Ian Springett.
The figures show that the pay to management at the business increased marginally going from €1.262m to €1.294m last year.
Other titles operated by Formpress Publishing include the 'Tipperary Star', the 'Donegal Democrat', the 'Leitrim Observer' and the 'Nationalist' based in Clonmel.
Numbers employed last year by the company reduced from 169 to 165 with staff costs declining from €6.94m to €6.84m.
The amount paid by Mr Denmark for the titles is a fraction of Johnston Press's estimated €300m outlay for its local Irish newspapers during the boom.