Profits up for psychics phone line firm

THE company that operates the Irish Psychics Live premium phone lines increased its operating profits last year to €1.5 million.

Financial results for Dublin-based Realm Communications to the end of April last year show the company enjoyed a 7% increase from €1.478m to €1.588m.

Its operating profits were boosted by €310,988 in interest receivable following €318,936 in interest payments received in 2007.

However, interest payable by the company increasing more than four fold to €198,110 resulted in it sustaining a slight drop in pre-tax profits from €1.749m to €1.701m.

The significant rise is the interest payable and similar charges is explained through €39,390 on interest payable on bank loans and overdraft and €158,240 on overdue tax.

Last year, company founder and managing director, Tom Higgins – who has ambitions to be one of the first Irish citizens to travel into space – resigned from the board after selling his interest in the company.

The abridged accounts figures do not provide turnover figures. However, the filings show that gross profit rose by 19% from €3.5m to €4.2m.

Consultant psychiatrist Dr Moosajee Bhamjee said he was not surprised that increasing numbers of people are turning to psychic phone lines.

He said: “We are in a recession and people are looking desperately anywhere for hope. There is a lot of uncertainty out there and people want to know what their life holds and what will happen them in the future.”

Dr Bhamjee, however, expresses doubt people will get any answers from calling psychic phone lines: “The psychics cloud their talk in vague terminology and their predictions can be interpreted in a host of different ways.”

On the Irish Psychics Live website, it boasts: “The reason it (Irish Psychics) has achieved such unprecedented success is largely due to the quality of the service it provides.”

It states: “Irish Psychics Live is operated by genuine Celtic psychics, the most psychic race in the world. Only the most spiritually gifted individuals are selected to participate in this site.”

The figures show that the company had accumulated profits of €9.6m. The figures show that the company employed 25 people during the year – an increase of two on 2008.

The company had administrative costs of €2.6m in 2009 – an increase of almost €600,000 on the €2.09m. Its employment costs last year increased by 24% from €688,006 to €852,993.

The company’s two directors to the end of April last are listed as Tom Higgins and Theresa Dunne. Both have resigned and the company’s new directors are Gavin Hickey, 31, and Maxine Payne, 31. The company yesterday declined to comment on the results.