Kenny reaps benefits from switch to Newstalk
Published 27/05/2015 | 02:30
Pat Kenny's much-hyped move from RTÉ to Newstalk is paying rich dividends for the broadcaster - with his media firm recording its highest-ever jump in profits last year.
New figures show that Pat Kenny Media Services recorded an increase of almost €400,000 in accumulated profits last year.
The accounts cover most of Kenny's first year at Newstalk, after his defection from RTÉ to the commercial broadcaster in July 2013 caused shockwaves across the media industry and beyond.
According to the new accounts, the profits at the firm jumped by €384,708 from €458,059 to €842,767 in the 12 months to the end of June last.
The cash pile at the 67-year-old's firm declined last year by €152,742 from €539,771 to €387,029.
However, the drop in cash is partly explained by Kenny's firm making a fresh financial investment of €600,000 that contributed to the value of his financial investments increasing from €352,000 to €829,512.
Kenny's firm did take a €120,000 hit on its investments when the value of its investments was written down by that amount on a revaluation.