Pre-tax profits at newspaper publisher, Formpress Publishing last year increased by 80% to €323,207.
New accounts for Formpress Publishing Ltd show that the firm recorded an increase in profit despite revenues declining during the Covid 19 pandemic hit year where the business recorded revenues of €9.5 million for the 12 months to the end of September 2021.
This compares to revenues of €17.4 million for the prior 18 month period - a drop of 45.4%.
However, on a like for like 12 month basis, revenues last year declined by 18%.
Formpress Publishing is a subsidiary of Iconic Newspapers and the company operates more than 20 local news titles here including 'The Limerick Leader', 'The Dundalk Democrat' and 'The Leinster Leader'.
The group increased profits largely as a result of 'other operating income' of €1.82 million compared to €564,873 in the prior 18 month period.
Separate figures made available by the Revenue Commissioner show that the business availed of Employment Wage Subsidy Scheme payments during the period.
The directors said that "like many businesses the results were impacted from the Covid 2019 outbreak, which had a significant impact on advertising and newspaper sales".
They added that the business "has continued to utilise government support schemes but as a result of the Covid outbreak, profit remained at lower levels".
Other Formpress titles include the Kilkenny People, the Longford Leader, the Leinster Express, the Tipperary Star, the Leitrim Observer and the Nationalist based in Clonmel.
In April 2019, Formpress purchased four titles from River Media which operates in Donegal and Kildare and completed the purchase of the Midland Tribune titles in February 2020.
Formpress is owned by the London based Media Concierge that is controlled by businessman Malcolm Denmark.
Numbers employed by Formpress reduced from 135 to 119 as staff costs totalled €4.73 million.
The aggregate pay to key management personnel totalled €1.06 million.
The profits last year take account of combined non-cash depreciation and amortisation costs of €1.14 million.
At the end of September 2021, the firm had shareholder funds of €12.52 million that included accumulated profits of €4.15 million.
The firm’s cash funds reduced from €993,804 to €701,228.
In a post balance sheet event, the directors state that the company sold 48 Queen Street, Clonmel, Co Tipperary.
Reporting by Gordon Deegan
