Tuesday 20 February 2018

Harmonia notched profits before sale

Norah Casey remains as chairman emeritus of Harmonia Photo: Paul Sherwood
Norah Casey remains as chairman emeritus of Harmonia Photo: Paul Sherwood

Gordon Deegan

Publishing group Harmonia last year enjoyed profits of €370,440 before businesswoman Norah Casey moved to sell the bulk of the group's titles to a US digital media investor.

The strong performance recorded by Harmonia Ltd last year follows profits of more than €520,000 in 2015.

The profits of 2016 and 2015 came after two years of losses at the company.

Last month, Ms Casey announced she has agreed a deal that sees New York-based businessman Liam Lynch's Irish Studio acquire 'Irish Tatler', 'Irish Tatler Man', 'U Magazine', 'Food & Wine' magazine, 'Auto Ireland' and 'Ireland of the Welcomes' from Harmonia.

The accounts for Harmonia Ltd show that its accumulated profits of €1.52m increased to €1.89m in 2016. Shareholder funds at the end of December last totalled €2m.

In 2013, Ms Casey confirmed she was standing down from leading the business on a day-to-day basis to allow her to concentrate on new projects.

However, as part of the new deal, the former RTÉ Dragon will retain a role as chairwoman emeritus, and will continue to own and manage Harmonia's remaining brands, which include 'Woman's Way', in her own right. Harmonia is Ireland's largest magazine publisher, printing almost five million magazines each year.

Irish Independent

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