Golden Pages returns to profit as revenues drop
The firm that publishes the Golden Pages returned to profit in 2015 to record pre-tax profits of €2.43m.
The return to profit for FCR Media Ltd in 2015 came ahead of the business proceeding with a restructuring last year that saw 7pc of its workforce here being made redundant. FCR Media now employs 119 people here.
According to the directors' report, they state that the company is repositioning itself with a revised business model with lower revenues and a lower cost base.
The note states: "It is receiving the support from its parent shareholder as it strives towards profitability."
The new accounts show that FCR Media Ltd returned to pre-tax profit in spite of the company's gross profit reducing by 10pc, going from €11.25m to €10.16m.
According to the new accounts: "Although 2015 has been a challenging year with recognised revenue down 7pc on 2014, we have seen continued growth from our online and digital product offering - up 7pc on 2014 and positive feedback from new and existing customers to our new digital product range.
"As expected, our print revenues have continued to decline, by 6pc on 2014."
In 2015, 53pc of overall revenues were generated from online and digital marketing solutions.
The directors state that the company continues to evolve its operating model across 2016 and 2017 "as it completes its transition to a full digital media agency".
The firm recently signed a two-year contract with Eir which allows FCR Media to publish the Eircom phone book for 2016 and 2017.
During 2015, the firm closed its defined benefit scheme to future accrual and replaced its pension compensation with a competitive defined contribution plan for those employees affected.
The directors state that in consultation with the trustees of the defined benefit plan, the company agreed to a schedule of contribution payments over 10 years amounting to a total of €3.7m.
Staff costs at the company last year increased to €7.45m.