Crosbie's made profit of over €12m in 2005

The owner of the Irish Examiner and Sunday Business Post newspapers made profits of more than €12 million last year, according to figures released yesterday.

Media group Thomas Crosbie Holdings (TCH) said that operating profit before interest and tax grew 11 per cent in 2005 to €11.3 million from €10.13 million the previous year.

The company's statement said that one-off items brought pretax profits to €12.3 million. In 2004, the sale of its original Academy Street, Cork, premises for €36.6 million brought pretax earnings to €45.2 million.

Turnover in 2005 was €93.5 million, an 11 per cent-plus gain on the €84.2 million sales it recorded in 2004.

TCH paid its shareholders, members of the Crosbie family, a dividend of €7 million in 2005, nearly 40 per cent ahead of the €5.1 million it paid out in 2004.

The bulk of the company is held in ordinary shares divided equally between three unlimited holding entities controlled by members of the Crosbie family. There are a large number of individuals who hold different classes of preference shares.

The company paid directors a total of €2.66 million, close to three times the €892,000 they earned in 2004.

TCH has expanded through the acquisition of provincial papers and investment in radio stations. Group managing director Anthony Dinan made it clear the group would continue on this path. "We are committed to expansion through organic growth and acquisition and our strong financial position ensures that we will compete for any suitable media assets coming on to the market," he said.

TCH has its headquarters in Cork and owns two national titles, the daily Irish Examiner and the Sunday Business Post. It also owns the Evening Echo, a daily that circulates largely in Munster, and the Irish Post, a newspaper aimed at Britain's Irish population.

It owns 14 provincial newspapers, including the Kildare Nationalist, Waterford News and Star, Sligo Weekender, Newry Democrat, Down Democrat, Laois Nationalist, Western People, Nationalist and Leinster Times, the Kingdom and the Echo titles in Wexford.