Irish Press plc returns to profit after station sale
The €600,000 received from the sale of its share in Tipp FM to the owners of Clare FM helped the Irish Press group return to profit in 2013.
New accounts filed by Irish Press plc show that the group recorded a profit of €282,000 in the 12 months to the end of December 2013 after recording a loss of €2.97m in 2012.
The accounts are the first lodged since May of 2014. They show that the company made a gain of €114,000 on the €600,00 received for its 56pc share of Tipp FM in August 2013.
The group returned to profit in spite of revenues decreasing by 55pc, from €6.94m to €3.08m.
The main activity of the group is now marketing, event management, media buying, public relations and communications services to the healthcare sector.
The group made a modest pre-tax loss of €26,000, however, a profit of €344,000 from a minority interest resulted in the pos- tax profit of €282,000.
A breakdown of the group's revenues show that €456,000 was from discontinued operations and €2.63m from continuing activities.
According to the directors' report, the market for marketing services within the health sector remains highly competitive but the group is confident of increasing its business based on the delivery of high quality service.
The group had a shareholders' deficit of €4m at the end of December 2013.
The numbers employed by the group fell from 58 to 26 with staff costs reducing from €4.14m to €960,000. The group's cash pile fell from €316,000 to €26,000.