Storyful accumulated losses rise to €10m

Profit and loss account showed a deficit of almost €10.4m, compared with €5.9m a year earlier

Accumulated losses at Dublin-based news agency Storyful increased to €10 million at the end of last year, as the company increased employment levels significantly.

In its abridged accounts, Storyful said its profit and loss account showed a deficit of almost €10.4 million, compared with €5.9 million a year earlier.

The company, which was founded by Mark Little in 2010, uses social media feeds, user-generated content and proprietary technology to frame news reporting.

It was bought by News Corp in 2013. Mr Little stepped down as chief executive of the company a year later, taking on the role of director of editorial innovation. In June last year, he announced he would be leaving the company, and joined Twitter a few months later. He is now head of the company's Irish operation.

Rising employment led to increased wage costs, with the bill jumping from €1.9 million in 2014 to €2.7 million a year later. Pension costs also rose to €75,705, from just over €61,000 in 2014. By September this year total employment at Storyful rose to 123 people, the company has said, with 66 of them based in Dublin.

The majority of its staff are editorial based, with about half of the company engaged on those roles.

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist