Publishing: Profits up 29pc at 'Hot Press'
The company that publishes 'Hot Press' recorded a profit for the third year running.
New filings lodged show that Osnovina recorded a profit of €17,773 in the 12 months to the end of December 2013 with accumulated profits rising from €621,597 to €639,370.
The profit of €17,773 followed the firm recording a profit of €13,739 in 2012. In 2013, Hotpress bucked the trend in the magazine publishing industry to record an increase in circulation in 2013.
The most recent Audited Bureau of Circulation (ABC) figures show that the magazine sold on average 17,239 - up 61 copies on the 17,178 average circulation in 2012
Hot Press magazine was established by Niall Stokes in 1977 and in 2013 the company's directors loaned the firm an additional €44,502.
At year end, the amount owed by the firm to its directors totalled €645,503. The firm's bank loans reduced from €224,172 to €163,227 in 2013.