Profits fall at Casey's firm despite higher revenue and circulation
PRE-TAX profits at the publishing group owned by Newstalk presenter and former RTE 'Dragons' Den' star Norah Casey (pictured) slipped further last year to just €57,502.
The drop in profits came despite increasing revenues and circulation across Ms Casey's stable of popular magazines.
New figures show that Harmonia, which publishes 'Irish Tatler', 'Women's Way', 'U magazine' and 'Food & Wine', sustained a 26pc drop in pre-tax profits last year. This followed a 76pc fall in 2011.
A directors' report says: "Harmonia Ltd has performed extremely well and has increased revenues in the current year."
The abridged accounts – which do not provide a revenue figure for 2012 – show that the gross profit dropped by 12pc to €1.38m. Revenues for 2011 had topped €6.1m
The profit slide came despite 'Food & Wine' increasing its circulation by 15.2pc to 8,607. 'Irish Tatler' boosted circulation by 4.2pc to 24,919 and 'U Magazine' increased circulation by 10.2pc to 27,819.
Audited Bureau Circulation figures show that the only magazine to show a drop was 'Women's Way', which fell 1.9pc to 22,120.
Along with publishing consumer magazines, the group is also a full-service contract publisher, producing customer and employee magazines, newsletters and other print material for a range of companies and organisations. The pre-tax profit last year takes account of combined non-cash cost of depreciation and amortisation totalling €122,730.
Ms Casey's late husband and Harmonia editorial director Richard Hannaford died aged 49 in October 2011. He had overseen the launch of new brands, such as 'Tatler Man'.
The two current directors are Norah Casey and Ciaran Casey. Directors' pay last year dropped by 29pc to €171,420. The firm's operating profits fell by 26pc to €65,514.
The number of employees remained static at 41 and employment costs – including directors – decreased from €1.68m to €1.46m in 2011.
Ms Casey was unavailable for comment yesterday.