Magazine publisher records losses of €193,140 before tax

THE PUBLISHING company behind the Irish Tatlerand Umagazines sustained a loss of almost €200,000 before tax last year.

In accounts just filed at the Companies Office, Harmonia Ltd recorded a pretax loss of €193,140 in 2009, after recording a pretax profit of €90,743 in 2008, itself sharply reduced from a year earlier. The losses last year follow the company recording a pretax profit of €773,238 to the end of December 2007.

The abridged accounts for 2009 – which do not provide a turnover figure – show the company’s gross profit dropped by 35 per cent from €2 million to €1.3 million last year.

The company’s administration expenses last year reduced by 22 per cent from €1.89 million to €1.47 million. At the operating level, the company, which also publishes Food and Wine and Women’s Way, fell into the red with an operating loss of €176,186 compared to a profit of €128,113 in 2008. Only one of the company’s main titles, Food Wine, recorded a circulation increase last year.

Last year’s losses reduce the company’s accumulated profits to €838,178. The company’s total shareholder funds amounted to €988,278, including called-up share capital of €150,100.

The directors’ report accompanying the accounts states that “as the economy of Ireland is currently in a recession, customers generally have less disposable income to spend on the various titles.

The company, led by chief executive Norah Casey, also operates a women’s website, ivenus.com. Additionally, it is a full contract publisher, producing customer and employee magazines, newsletters and other print material for companies and organisations.

The figures show the numbers employed by Harmonia dropped last year from 48 to 44 with employment costs reducing by 14 per cent from €1.8 million to €1.5 million. The company’s two directors – Ms Casey and editorial director Richard Hannaford – cut their own aggregate remuneration, including pension contributions, by 37 per cent or €151,344, from €405,557 to €254,213 last year. Ms Casey was in China yesterday on a business trip and was not available for comment.