Storyful 2011 losses put down to start-up costs
The online news agency established by former RTÉ presenter Mark Little is to double revenues in 2012 and expects to do so again in 2013.
Mr Little yesterday confirmed the rise in revenues at the media firm when commenting on new accounts filed to the Companies Office.
The abridged accounts show that losses at the firm increased by €832,857 – from €363,944 to €1.196 million – in the 12 months to the end of December 2011. Yesterday Mr Little, the chief executive, said the losses “reflect standard start-up costs”.
The former Prime Time presenter left RTÉ to establish the agency in January 2010. Mr Little said that on day one there were two employees. The firm now employs 30 people, mostly at its Dublin headquarters. It has also opened offices in Hong Kong and New York this year. Mr Little also confirmed he has left RTÉ permanently.
The venture is backed by entrepreneur Ray Nolan, Dragons’ Den panellist Seán O’Sullivan’s SOS ventures, and ACT Ventures.
The figures show that the firm had shareholder funds of €88,434 at the end of December last, following a shareholder deficit of €93,790 in 2010.
It received a cash injection of €951,630 last year.
Mr Little said: “My ambition when I set up Storyful in 2010 was to create the first news agency of the social media age. That’s exactly what we have done. It’s been a hard slog in the prevailing economic climate . . . but our focus on international clients and an emerging market has helped us survive and prosper.”