Monday 23 April 2018

Profits increase three-fold at 'Hot Press'

Hotpress owner Niall Stokes. Photo: David Conachy
Hotpress owner Niall Stokes. Photo: David Conachy

Gordon Deegan

Profits at the company that publishes 'Hot Press' magazine increased more than three fold to €51,596 in 2014.

The profit for Osnovina Ltd is the fourth year in the row that the firm has recorded a profit after years of successive losses.

Accounts filed by the firm show that accumulated profits increased from €639,370 to €690,966 in the 12 months to the end of December 2014. The post-tax profit of €51,596 follows a post-tax profit of €17,773 in 2013

The magazine was established by Niall Stokes, inset, in 1977 and the accounts at the end of 2014 show that the company's directors were owed a total of €457,098.

The accounts show that the company's shareholder funds increased from €663,178 to €714,774 place at the end of December 2014. During the period under review, 'Hot Press' continued to buck the trend in the magazine publishing industry to record an increase in circulation in 2014.

The most recent independently audited figures show that in 2014 it sold on average 17,270 copies, made up of 17,084 print and 186 digital.

Irish Independent

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