Directories firm strikes gold with €3.7m operating profit
Operating profits at the firm behind the goldenpages.ie site jumped by 36pc to €3.7m in 2016, new accounts show.
The firm, FCR Media, only last November exited examinership and new accounts show that FCR Media Ltd increased its operating profits in 2016 in spite of gross profits declining by 12pc, going from €10.1m to €8.9m.
The firm's exit from examinership, which secured the jobs of 73 employees, was approved by the High Court after a restructuring of the company's liabilities.
The company secured fresh investment from two investors during the period it was in examinership. The business has decided to cease publishing the print version of the Golden Pages and is to focus on its online business.
The new accounts show that the company's pre-tax profits declined by 18pc, from €2.43m to €1.98m in 2016.
The main factor behind the drop in profits was the firm writing off €1.7m in investments. This compares to a write-off of €195,000 in 2015.
The increase in the write-off was partially off-set by interest payments reducing from €1m in 2015 to €657,113 in 2016.
The company's cash during the year reduced from €666,844 to €21,644.
The firm's accumulated profits reduced from €3.5m to €1.4m largely as a result of a €3.8m actuarial loss on the company's defined benefit pension scheme.
Pay to directors declined from €405,930 to €380,701.
Numbers employed by the firm reduced from 132 to 116 with salaries reducing from €6.2m to €5.29m.
The directors state that the company will continue to penetrate the Irish market with its website and e-commerce solutions and build search campaigns to engage buyers through local directory and pay per click solutions.
FCR Media Ltd sought the protection of the courts after FCR media group withdrew its interests in the Irish market meaning the firm could no longer pay its debts as they fell due.
The wider FCR Media Group provides search and advertising services in 10 countries in Europe and has more than 1,000 employees across its operations.
The Irish business's debts to creditors, including revenue as of July 21 last, were €5.5m.
The alternative to examinership was a winding-up with a deficit of €8.9m liabilities over assets.