Thomas Crosbie profits rise 21%

Profits rose by 21 per cent to €13.7 million last year at Thomas Crosbie Holdings (TCH), publisher of the Irish Examiner.

The improved operating figures came as turnover increased by 13 per cent to €106 million on the back of a strong performance across the media group.

Anthony Dinan, TCH group managing director, said the results left the Cork-based company well placed to continue on "the acquisitive path" it had pursued over the past few years.

TCH would "consider" a move on Dublin radio station FM104 if it was as part of a consortium, Mr Dinan said.

The future ownership of the radio station has been uncertain since the Broadcasting Commission of Ireland earlier this month decided not to sanction its purchase by Denis O'Brien's Communicorp. TCH is already participating in the Choice Broadcasting consortium to bid for a new multi-city radio licence for the over-45s.

The Choice Broadcasting consortium, which also includes The Irish Times Ltd, is one of two groups on a shortlist for the new radio licence, which is due to be allocated in January. A public hearing on the radio licence is scheduled for December 17th.

Mr Dinan said the group was interested in expanding across all three of its operating areas and was "looking at five or six things at any one time".

TCH's 2006 results included an exceptional item of €5.11 million relating to redundancy costs associated with moving premises in Cork.

A further €1.5 million exceptional payment was made to the group's pension scheme.

Dividends paid to TCH's shareholders, members of the Crosbie family, more than halved last year, falling from €7 million to €3.25 million. The 2005 payments were boosted by a property sale.

Directors' pay also fell last year, declining from €2.66 million to €1.05 million, with the fall related to extra pension payments made in 2005.

TCH owns 18 newspapers and has an interest in four radio operations and five electronic media businesses.