Pretax profits at newspaper publisher Formpress last year increased by 80 per cent to €323,207. The company publishes more than 20 local news titles in the State, including the Leinster Leader, the Limerick Leader and the Dundalk Democrat.
New accounts for Formpress Publishing Ltd show the company recorded the higher profits despite revenues declining during the year, which was hit by the Covid-19 pandemic. Revenues were €9.5 million for the 12 months to the end of September 2021, which compared with revenues of €17.4 million for the prior 18-month period. On a like-for-like 12-month basis, revenues last year were 18 per cent lower.
The group, a subsidiary of Iconic Newspapers, increased profits largely as a result of “other operating income” of €1.82 million compared with €564,873 in the prior 18-month period.
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Separate figures made available by the Revenue Commissioners show that the business availed of Employment Wage Subsidy Scheme payments during the period.
The company’s directors noted that “like many businesses the results were impacted from the Covid 2019 outbreak, which had a significant impact on advertising and newspaper sales”. They added that the business “has continued to utilise Government support schemes but as a result of the Covid outbreak, profit remained at lower levels”.
Formpress is owned by London-based Media Concierge, which is controlled by businessman Malcolm Denmark.
Numbers employed by Formpress last year fell from 135 to 119 as staff costs totalled €4.73 million.
The aggregate pay to key management personnel totalled €1.06 million.
The profits last year take account of combined non-cash depreciation and amortisation costs of €1.14 million.
At the end of September 2021, the firm had shareholder funds of €12.52 million that included accumulated profits of €4.15 million.
The firm’s cash funds reduced from €993,804 to €701,228.
