THE PUBLISHER of the Irish editions of the Sunday Times, the Sun and the News of the World enjoyed a 28 per cent jump in Irish advertising income in its 2008 financial year.
The latest accounts filed by News International Advertisements (Ireland) show that the company – which is owned by Rupert Murdoch’s News International – generated turnover of £10.49 million (€11.24 million) in the year to June 29th, 2008, compared to £8.2 million a year earlier. This was attributed to “the ongoing development of the business”.
The company's main activity is selling advertising space in the Republic bought from newspaper titles within the group. News International publishes Irish editions of the Sunday Times, the Sunand the News of the World.
Profits at News International Advertisements (Ireland) shot up to £961,000 from £156,000 in 2007. This was was largely a result of a £614,000 “exchange difference” gain. The main risk identified in the accounts was the fact that a change in the economic prospects of advertisers could alter their spending priorities and therefore affect the company’s advertising revenue.
An ordinary dividend of £156,000 was paid, but the payment of a final dividend was not recommended by directors.
Another Irish Murdoch subsidiary, News International Newspapers (Ireland) Ltd, increased its turnover to almost £8.2 million in the year to June 29th, 2008, from £6.13 million a year earlier. Pre- tax profits rose to £204,000 from £153,000 in 2007. An ordinary dividend of £135,000 has been paid.
The principal activity of the company is to provide sales, editorial and related personnel to other group members in Ireland. The increase in turnover and profit was attributed to an increase in personnel resources provided. Employee costs rose from just under £6 million in 2007 to almost £8 million.
