Gazette Group 'heads into profit' after €1.3m loss
DUBLIN newspaper publisher the Gazette Group racked up losses of more than €1.3m over the last two years, but is now trading profitably, managing director Liam Hayes said yesterday.
His comments came as new Companies Office filings showed the newspaper group took in another €1m of investment in 2008, but still closed the year with shareholders funds €700,000 in the red.
Mr Hayes yesterday insisted the extra investment was "planned" to cover the Gazette Group's expansion and was not taken on to offset the year's losses of about €900,000.
"We grew from four titles to eight during the year and our turnover increased substantially to €2.2m," he said. "We halved our losses in 2009 and now we're heading into profit.
"All our titles, from Malahide to Dun Laoghaire, they're all profitable."
Mr Hayes declined to say who exactly had invested the additional €1m, beyond stating that the money was raised from "shareholders", who have now put in about €2.6m.
These shareholders include the Gazette Group's management and the 'Irish Times', which took a 47pc stake in 2007. It is understood that the stake held by the 'Irish Times' now stands at about 51pc.
Mr Hayes also hinted at the prospect of launches towards the end of 2010, describing Dublin's surrounding counties as "very interesting", while an expansion of the Gazette's online activities is also on the cards for later in the year.