Profits at publisher Formpress drop 12pc
Pre-tax profits at newspaper publisher Formpress Publishing last year dropped by 12pc to €935,370.
Formpress Publishing is a subsidiary of Iconic Newspapers and the company operates 14 local news titles here including 'The Limerick Leader', 'The Dundalk Democrat' and 'The Leinster Leader'.
The accounts show that revenues at Formpress Publishing Ltd declined by 2pc from €13m to €12.6m in the 12 months to the end of March last.
Other Formpress titles include 'The Kilkenny People', 'The Longford Leader', 'The Leinster Express', 'The Tipperary Star', 'The Donegal Democrat', 'The Leitrim Observer' and 'The Nationalist', based in Clonmel.
Formpress is 100pc owned by Iconic Newspapers which paid Johnston Press €8.7m for the Irish titles April 2014.
Iconic is controlled by British advertising executive, Malcolm Denmark. Pay to key management personnel across Formpress last year dipped marginally from €1.29m to €1.21m
Numbers employed by the company last year reduced from 165 to 161 with staff costs declining from €6.84m to €6.59m.
The profit takes account of non-cash amortisation costs of €493,833 for the year.
The company's shareholder funds at the end of last March totalled €10.8m. The company's cash pile reduced from €717,289 to €454,511. The amount paid by Mr Denmark for the titles is a fraction of Johnston Press's outlay for local newspapers during the boom.
The group had spent around €300m on all of its Irish titles before the recession hit and its venture in Ireland was hit by sinking advertising and circulation revenue.