Cork-based printers quadruple pre-tax profits

CORK-based printing firm Webprint Concepts saw pre-tax profits quadruple last year.

The company, based at Mahon Point in Cork, saw pre-tax profit jump from €468,855 in 2007 to €1.6 million last year.

According to accounts just filed by the firm, gross profit increased from almost €10.3m in 2007 to €10.8m in 2008, while operating profit increased from €1.8m to €2.8m.

The accounts list three directors – Donagh O’Doherty, Tony Barry and Jennifer O’Doherty. The directors did not recommend paying a divided but directors’ pay almost doubled in the year from €275,000 to €429,792.

The directors also state that “there have been no significant events affecting the company since the year end”.

Staff numbers reduced by four in the year to 59 but staff costs increased from almost €4m in 2007 to €4.3m last year.

Webprint Concepts prints newspaper titles owned by Thomas Crosbie Holdings Limited, including the Irish Examiner.

The company’s auditors, BDO Simpson Xavier, under the heading “Emphasis of Matter – Going Concern” in an opinion, which they stated was not qualified, raised the matter of the company’s ability to continue as a going concern.

The directors state that the ability of the company to trade as a going concern is dependant upon the continued financial support of its shareholders, creditors and bankers.

They said this support is forthcoming and will enable the company to continue trading and meet its financial obligations as they fall due for a period not less than one year from the date of approval of these financial statements.