Thejournal.ie news website posts losses of €1.14m in 2012
The company behind the Thejournal.ie news website notched up a €1.14m loss in 2012.
Newly filed accounts at the Companies Office for Journal Media Ltd, which is part of the wider Distilled Media group, show that the losses at the firm widened last year from €894,000 in 2011.
Journal Media Limited filed abridged accounts, unlike previous years where it produced full accounts. This means the company did not have to disclose turnover for 2012. The figure for the last 11 months of 2011 was €45,000.
Journal Media is a unit of Distilled Media, which is owned by shareholders including brothers Eamonn and Brian Fallon. They founded the Daft website in 1997, when they were aged just 20 and 15 respectively. The duo was last week named as 'Internet Heroes' at the prestigious Eircom Spider web awards. The latest accounts for Distilled Media show that no dividend has been paid by the company in respect of 2012.
Eamonn Fallon, who is chief executive of Distilled Media, was not contactable yesterday.
Distilled Media's shareholders include the Fallons as well as Luxembourg-based firm Tiger Holding Five. That firm received €1.2m in dividends from Daft Media in 2011. The Luxembourg firm is part of US-based hedge fund Tiger Global.
The Fallon brothers founded Thejournal.ie three years ago. The website claims over five million page impressions a month and 300,000 readers a day.
By comparison Independent.ie, the digital home of the Irish Independent, 'Sunday Independent', and 'Herald', attracted 5.9 million unique users during August, according to the latest official data from the Audit Bureau of Circulations this week. That's an increase of almost two million since 2012. The data also showed that the number of monthly page impressions at Independent.ie jumped to 64 million in August.
Accounts for Distilled Media show that it had shareholder funds of €2.1m at the end of 2012 and that its net cash inflow from operating activities was just over €77,000 last year compared with €2.9m in 2011.