Accumulated profits at Pat Kenny media firm jump in bumper year

Accumulated profits at Pat Kenny media firm jump in bumper year

By Gordon Deegan

Accumulated profits at Pat Kenny’s media firm topped the €1.359m mark last year as his company enjoyed another bumper year.

New figures just filed by Pat Kenny Media Services Ltd with the Companies Office show that accumulated profits at the firm last year jumped by €163,814 going from €1.19m to €1.35m.

The profit enjoyed by the company followed profits of €213,177 in 2016.

The firm’s funds in the 12 months to the end of June last went up by €122,301 going from €929,059 to €1.05m.

The value of the company’s financial assets last year reduced from €557,358 to €392,697.

Pat and his wife, Kathy, are the only two directors on the board of the firm and the aggregate pay to the two last year more than halved going from €408,099 to €202,150.

The wealth of the firm has soared since Kenny’s move to Newstalk in 2013 from RTÉ as the broadcaster has mixed his radio work with TV gigs at TV3 and UTV Ireland.

Kenny turned 70 earlier this year and remains in demand from TV executives with the broadcaster currently fronting a TV3 current affairs show every Wednesday.

In an interview earlier this year around the time of his milestone birthday, Mr Kenny said: “I want to make light of turning 70 because I certainly don’t feel that my energies are diminished.”

He said: “There is an old adage in show business that actors and performers don’t retire, the people retire you. When they feel they’ve had enough of you, or you have had enough, that’s when you stop.”

Kenny announced his departure from RTÉ in July 2013 and at the end of June that year, his firm had accumulated profits of €458,059.

However, the wealth of the company has more than tripled to €1.359m in the subsequent four years after his exit from Donnybrook.

This was helped in no small way by the €728,417 Kenny received from the national broadcaster in his final year there in 2013.

The 2013 pay from RTÉ included an end-of-contract payment contractually agreed in 2008 and payable on completion of the contract there.

Kenny’s salary at Newstalk is not known but his media firm’s accounts for this first four years there have seen profits increase by €384,708 in the 12 months to the end of June 2014; by almost €140,000 in 2015, €213,177 in 2016 and €163,814 last year.

The soaring fortunes at Kenny’s firm will compensate the veteran broadcaster for the loss of listeners he has sustained since his move from RTÉ.

Kenny’s morning radio show at RTÉ consistently hit the 320,000 mark and according to the most recent JNLR figures, his Newstalk show had 148,000 listeners.

At the time of his move, Kenny stressed that money was not the overriding factor in leaving the national broadcaster, but admitted to being "completely gobsmacked" by Newstalk’s offer after the expiry of his RTÉ contract on May 21, 2013.

The accounts are abridged and do not provide a revenue figure. The increase in profits at a small firm are dictated by the revenues, combined with the costs, including the amount in salaries and dividends, if any, paid out.

Mr Kenny’s RTÉ pay reached a peak in 2008 when he was paid €950,976 before having his salary was reduced to €729,604 in 2009.

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