PRE-TAX losses continued to mount last year at the Irish arm of Rupert Murdoch's News Corp social media intelligence and news agency Storyful.
Former RTÉ 'Primetime' presenter Mark Little set up the company in 2010. He and the company's other investors sold it to News Corp for €18m in December 2013.
Accounts show the company recorded pre-tax losses of €8.87m in the 12 months to the end of June 2019 following pre-tax losses of €9m in the previous financial year.
The company's revenues declined 21pc from €8.32m to €6.54m last year.
Directors attributed the drop "due to the geographical movement of some contracts to other group undertakings".
They stressed that the figures relate to Storyful's Irish unit, Storyful Ltd, and not all of Storyful's global revenues are included. They said Storyful Ltd was expanding services for media, brands and social platforms and made investments in its product and technology departments.
The directors said they have considered the losses to date and are satisfied that appropriate measures have been taken to promote profitability.
They said the funding provided by the shareholder is sufficient to enable the company to meet its obligations as they fall due.
News Corp ploughed another €4m into the business last November and this followed a cumulative investment of €35.26m over the previous three years.
The further investment last year resulted in shareholder funds of €5.78m at the end of June 2019.
On the business impact of Covid-19, the directors state that there has been no significant impact on the company's revenues. They state that in May this year, the commercial services provided out of the company's Sydney offices had ceased, incurring a cost of €206,206.
The company incurred restructuring costs of €169,587 last year with the termination of its Hong Kong operations.
Numbers employed by Storyful last year declined by 14 to 124. Numbers in its editorial department fell by 19 to 59.
However, employees in sales and marketing increased by two to 11, by two to 35 in technology and development, and by one to 19 in general and administration.
The loss last year takes account of non-cash depreciation costs of €308,078, and non-cash amortisation of intangible assets of €1.38m. Directors' pay rose 56pc to €493,896.