TCH profits increase to €6.3m

PROFITS at the Irish Examiner’s parent company Thomas Crosbie Holdings jumped to €6.3 million in 2003.

Media group Thomas Crosbie Holdings’ (TCH) accounts for the year ending December 28, 2003 show pre-tax profits hit €6.3m, boosted by a once-off exceptional income of €1m, reversing a pre-tax loss of €0.85m in 2002.

The €1m once-off gain in 2003 was mostly an investment gain, eliminating some of the investment losses of €3.6m in 2002 which pushed the company into a loss-making position. The company made pre-tax profits of €1.2m in 2001.

Turnover also rocketed in the year rising to €76.46m from €69.13m in 2002, at the company, which also owns the Evening Echo, The Sunday Business Post and The Irish Post.

Operating profits increased by 155% to €5.57m from €2.19m a year earlier.

Cash flow also improved dramatically growing to €12.66m from just €1.99m, a year earlier. The figures also indicate that TCH paid in the region of €2.5m to acquire The Irish Post in 2002.

TCH group managing director Anthony Dinan said the company has put together a healthy war chest enabling them to compete for any suitable media assets coming on the market in the short to medium term.

The company sold its Irish Examiner HQ in Cork city centre for a figure believed to be in excess of €30m and combined with its healthy cash flow puts TCH in a strong position to compete for any newspaper which may come on the market.

“We’ve had a very good year and things are also looking good for the current year. Our managements and workforces are performing well on all fronts and have put us in the position we are in today,” he added.

The accounts show that shareholders are to receive dividends of e3m, a 133% rise on the €1.32m in dividends paid in 2002. The dividends are to be paid to members of the Crosbie family.

Pre-exceptional earnings per share rose to 12.78c from 4.70c.

Director’s remuneration increased to €631,867, from €560,348 in 2002.

The figures show that despite increasing profits to €6.3m the company increased cash in hand to €3.7m from €1.26m, while reducing debts from €8.2m to €7.7m.

Thomas Crosbie Holdings Limited owns 14 newspapers: the Irish Examiner, the Evening Echo, the Waterford News & Star, the Western People, the Sligo Weekender, The Kingdom, the Newry Democrat, the Down Democrat, The Nationalist and Leinster Times, the Kildare Nationalist, the Laois Nationalist, The Sunday Business Post and The Irish Post.