Business Irish

Tuesday 17 July 2018

Profits plunge at David McWilliams's firm

Economist David McWilliams. Photo: Gareth Chaney, Collins
Economist David McWilliams. Photo: Gareth Chaney, Collins

Gordon Deegan

Economist David McWilliams has chronicled Ireland's boom and bust and now his media firm has suffered its own reversal of fortunes.

New accounts show accumulated profits at the media firm, Iconic Media Ltd, plummeted by more than €500,000 last year.

They reveal that, at the end of March last year, the company was sitting on accumulated profits of €592,572, compared to €1.094m in March 2016 - a drop of €505,205.

The accounts filed with the Companies Office revealed the reason behind the sharp drop in wealth at his firm related to a hefty write-down in the valuation of the company's investments. The value of the company's investments reduced by €879,124, going from €1.59m to €721,161 in the year under review.

The abridged accounts provide no explanation for the €879,124 write-down on its investments.

The economist and best- selling author has also been busy building his brand both here and across the globe over recent years and the accounts show that, in spite of the write-down, the company's cash pile increased during the year, going from €186,873 to €200,050.

The two directors of the company are McWilliams and his wife, Sian Smyth.

Irish Independent

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