Friday 21 October 2016

Cash pile at Web Summit doubles to €2.5m

Gordon Deegan

Published 14/01/2016 | 02:30

Paddy Cosgrave, founder of the Web Summit. Photo: Frank McGrath
Paddy Cosgrave, founder of the Web Summit. Photo: Frank McGrath
Hollywood actress Eva Longoria at the Web Summit at the RDS.
Bono at Web Summit

The cash pile at the group of companies behind the Web Summit more than doubled to €2.5m in 2014.

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New accounts filed show that the three directors behind the Web Summit, Paddy Cosgrave, Daire Hickey and David Kelly, shared combined pay of €288,814 in 2014 - a drop on the €368,283 paid out to the three in 2013.

Auditors for the group of firms that includes Dublin Web Summit Ltd and Founders Events Ltd confirm that the group recorded a profit in 2014.

However, accumulated profits at Manders Terrace Ltd that contains the consolidated accounts for the firms show a drop in 2014 from €492,652 to €141,028. The abridged accounts don't provide a revenue figure or a profit for the year.

A spokesman for Web Summit said yesterday: "Web Summit and its series of international events are going from strength to strength.

"We have doubled the number of employees in the company in the last year to 135.

"Our most recent hire is Giuseppe Vitulano as VP of Global Sales. He is a former head of Sales for Google."

The spokesman added: "We are looking to hire rapidly in 2016 as we scale our events across the world: SURGE in India, RISE in Hong Kong, Collision in New Orleans, MoneyConf in Madrid and Web Summit in Lisbon." Staff costs were €3.3m in 2014.

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