The parent company behind the Web Summit conference has reported a net profit of just over €2m for 2016, up from nearly €128,000 a year earlier.

Filings just lodged with the Companies Registration Office show that Manders Terrace Ltd recorded a gross profit of €11,535,162 in 2016, the year it moved the Web Summit from Dublin to Lisbon for the first time.

After administrative expenses, interest, tax and other charges were deducted, the net profit for the year stood at €2,051,455.

The marked jump in profit is largely due to the move of Web Summit to Lisbon, with attendances at the tech oriented event jumping from 30,000 in Dublin in 2015 to 50,000 in the Portugese capital a year later.

The bigger scale of the venue and event in Portugal also resulted in a larger number of corporate partners taking part in it.

The accounts also show that in 2016 Manders Terrace Ltd employed 132 people, up from 106 the year before.

Total salary costs for the business in 2016 were €6.6m.

However, remuneration of the company's directors and co-founders, Paddy Cosgrave, David Kelly and Daire Hickey, fell slightly from just over €371,749 in 2015 to €350,000 the following year.

The accounts show that Mr Cosgrave, who is chief executive of the firm, owned 81% of the company, with David Kelly holding almost 12% and Daire Hickey 7%.

As well as operating Web Summit, Manders Terrace Ltd operates a number of other rapidly growing events around the world, including Rise in Hong Kong, and Collision which moved from Las Vegas to New Orleans in 2016.

Its MoneyConf financial technology event is moving to Dublin from Madrid in June.

The firm employs a total of 180 staff today and is actively recruiting as it grows.

A spokesperson for the company said it does not comment on its financial results.