Vincent Browne’s media firm turns a profit as losses continue to shrink

The media firm owned by broadcaster and columnist, Vincent Browne recorded profits of €135,831 last year, new figures show.

This followed Browne’s Village Communications Ltd reducing its accumulated losses by that amount from €568,445 to €432,614 in the 12 months to the end of December last. The 2013 performance continues the strong showing of the company in recent years where it has reduced its accumulated losses from €1m at the end of 2010.

The losses had accumulated through Browne’s publication of Village magazine. Browne’s editorship of the magazine ceased in 2008 and it continues to be published by Ormond Quay Publishing Ltd.

Village Communications Ltd continues to trade through Browne’s TV3 income as it pays down the debts built up by Browne’s costly Village venture.

According to the accounts just filed with the Companies Office, the amount Village Communications Ltd owes to creditors reduced further last year, from €348,991 to €247,396. This is down from €1,064,307 owed at the end of 2009.

Net liabilities fell from €288,439 to €152,608. The firm’s share premium account stood at €279,998 while cash increased by 48% going from €19,396 to €28,725. It owed €15,714 in Vat and PAYE at the end of December last.

The continued improvement in the performance of the Limerick native’s firm follows confirmation last year from the broadcaster that he is debt free for the first time in decades after selling his family home.

Browne suffered a financial reversal last year as one of the freelance contributors to the former publisher of the Sunday Business Post, Post Publications Ltd. He was owed €25,020 and was in line to receive just a fraction of that as part of a scheme to allow the paper exit examinership.

Efforts to secure comment from Mr Browne yesterday were unsuccessfully.