‘Irish Daily Mail’ parent sees drop in profits, revenues

The publisher of Irish Daily Mail and its sister paper, Irish Mail on Sunday, saw pre-tax profits decline by nearly 8 per cent in the year to September 2015, newly-filed accounts show.

Associated Newspapers (Ireland) Limited, which also owns the website Evoke.ie, reported profits of €1.98 million last year as against €2.13 million a year earlier.

Turnover for Associated, which entered the Irish market in 2001 when it acquired Ireland on Sunday, totalled €17.3 million, versus €18 million for the prior year.

The group reported a full-year operating profit of €2.07 million, down from €2.2 million in the 12 months ending September 2014.

The company's four directors, which include Associated's managing director Paul Henderson, said they were satisfied with the group's results.

Associated, which is ultimately owned by press baron Viscount Rothermere, employs about 140 people at its offices in Ballsbridge, Dublin.

Staff costs, including wages and salaries, remained stable at €10.8 million last year. Directors’ remuneration dropped sharply however, with combined salaries falling from €806,374 to €542,904.

A note attached to the accounts said: “The company is conscious of the need for continued financial support from its parent undertaking in order to continue as a going concern.”

Associated’s Irish arm has unrecognised trading losses of €46 million, down from €48.3 million a year earlier. The company said it recognised a deferred tax asset of €1.37 million last year.

“The directors are of the opinion that it is more likely than not that the level of profits in future financial periods in the company will be sufficient to recover the recognised deferred tax asset.”