'Hot Press' publishing company in profit after years of cost savings
The company that publishes Hot Press magazine returned to profit in 2011 after years of successive losses.
New filings at Companies Office confirm that Osnovina Ltd returned to profit last year with accumulated profits increasing from €592,305 to €607,858.
According to a note attached to the accounts, the company returned to profitability in 2011 after several years of cost-savings.
“The management accounts to September 2012 show the company maintaining profitability.”
They said the company’s bankers had agreed to renew banking facilities for the next 12 months.
The most recent Audited Bureau of Circulation (ABC) figures for the magazine, which concentrates on music and politics, show that, for 2011, Hot Press sold on average 17,688 – down marginally from the 17,725 average circulation in 2010.
The magazine was established by Niall Stokes in 1977. The company’s directors are listed as Mr Stokes, Mairín Sheedy and John Hayden, who resigned from the board last May and disposed of his shareholding to Mr Stokes.