Golden Pages firm profits fall by 63%

PRE-TAX profits at the company that produces the Golden Pages directory last year fell by 63% from €20.8 million to €7.6m.

According to documents just filed with the Companies Office, revenues at Truvo Ireland declined by 25% from €73.6m to €54.8m to the end of December last.

The returns show the company’s pre-tax profits were hit last year by restructuring costs totalling €3.2m concerning severance payments. The numbers it employed reduced by 50 to 246 last year.

In July, Truvo’s US parent filed for bankruptcy and the Irish arm says its ability to continue as a going concern depends on a number of factors

The directors state that the US bankruptcy court formally approved the plan to exit Chapter 11 on October 26 last after the group reached agreement with its senior lenders and a majority of creditors that provides for a substantial reduction in the group’s indebtedness and release of existing cross guarantees.

Truvo Ireland’s directors state that Truvo USA LLC’s filing for bankruptcy impacted the company in two respects: Truvo Ireland was owed €23.8m by the group at the end of last year and the company had provided cross-guarantees to the group’s lenders.

Truvo Ireland’s operating profits reduced by 61% last year to €7.5m.

The jobs’ reduction at Truvo Ireland last year reduced the company’s staff costs by 22% from €20.3m to €15.7m.

The returns show that Truvo Ireland had accumulated profits of €69.5m at the end of last year.

Truvo Ireland also publishes Eircom’s business and residential listing books and Truvo’s directors report that “overall print products contributed 85.4% of net operating revenues in 2009”.