Pre-tax profits at newspaper publisher, Formpress Publishing, more than tripled to €1.099m in 2022.
New accounts for Formpress Publishing Ltd show that the firm recorded the 240% increase in pre-tax profit as revenues increased by 7% from €9.5m to €10.14m in the 12 months to the end of September 2022.
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 pre-tax profits of €1.099m in 2022 follow pre-tax profits of €323,207 in 2021.
Numbers employed by the expanding newspaper group during the year increased from 119 to 139 as staff costs increased from €4.73m to €4.87m.
The business achieved the surge in profits despite receiving no income under 'other operating income' in 2022 after receiving €1.82m under that heading in the prior year.
Separate figures made available by the Revenue Commissioner show that the business availed of Employment Wage Subsidy Scheme payments during the prior 2021 period.
Subsequent to year end, the group expanded its Irish operation when purchasing the Mayo News on March 29th 2023.
On the future developments of the group, the directors state that "the company plans to continue its present activities and current trading levels".
The group last year recorded post tax profits of €873,314 after incurring a corporation tax charge of €226,180.
Formpress is owned by the London based Media Concierge that is controlled by businessman Malcolm Denmark.
The aggregate pay to key management personnel increased from €1.06m to €1.27m.
The directors state that the principal risk factors that could materially and adversely affect the financial position are significant changes in the market place in which the business operates and economic recession.
The profits in 2022 take account of combined non-cash depreciation and amortisation costs of €1.12m.
The profit also takes account of a €323,154 profit on the disposal of tangible assets.
At the end of September 2022, the firm had shareholder funds of €13.39m that included accumulated profits of €5m.
The firm’s cash funds increased from €701,228 to €748,471.
- reporting by Gordon Deegan
