Decline in print media sales hits EM News Distribution profits
The group, which operates across Ireland, was formed in 2007 by Eason and Menzies
The company reported turnover of €95 million last year, as against €96.7 million a year earlier
EM News Distribution, a newspaper, magazine and book distributor jointly owned by Eason and Menzies, continued to feel the impact of a decline in sales in print media last year, according to accounts just filed at the Companies Office.
The company reported turnover of€95 million last year, as against €96.7 million a year earlier. Pretax profits declined from €1.15 million to €532,000, a figure which includes a loss on financial instruments of €489,000.
The group, which operates across Ireland, was formed in 2007. It employs 51 people, with staff costs totalling €2 million last year, down from €2.3 million a year earlier.
“The commercial environment in which the company operates is expected to remain competitive in the year ahead,” the directors said. “The business is subject to external consumer trends and demands. This is evident in the continued slow decline in national newspaper and magazine volumes.”
According to the latest accounts, the company had a note of €1.4 million with Eason and Son Limited, with interest of €32,000 charged on the note last year. In addition, costs of €1.4 million were incurred by the company for shared services of Menzies Distribution Limited. This includes costs for software licensing and IT support charges.