Irish Press warns on Thom's Directory
Friday, 12 August 2005Irish Press has reported a pre-tax loss of €306,000 for the year ending December 2004.
Included in this loss is a provision of €202,000 in respect of the remaining goodwill arising from the purchase of Thom's Dublin Street Directory in 1999. The balance mainly comes from group overheads.
Irish Press warned that the continued publication after the 2006 edition of Thom's Directory is in considerable doubt because of the difficulty in keeping the residential data up to date due to a change in the Electoral Act. Up to this, Thom's had access to the full electoral register, but is now restricted to using the edited register. The company said that 'determined efforts' are being made to develop electronic version of the directory.
Irish Press said that TippFM had a 'good year', with increased profits and listenership figures. The radio station now broadcasts all over Co Tipperary.
The directors of the company have proposed a dividend of 15 cent per share, at a cost of €130,000.
In the company's annual report, Chairman Eamon de Valera said it was a matter of continuing disappointment to the Irish Press directors that it has not proved possible to publish at least one of the titles of Irish Press Newspapers. The newspapers ceased publication ten years ago. Mr de Valera said the company does not have to resources to embark on such a project on its own.
He said Irish Press continues to seek a long term investment which would fit in with the activities of the group. 'High asset values, however, make it difficult to justify investment,' he added.
