Publishing group profits slip further

Pre-tax profits at the publishing group owned by former Newstalk Breakfast presenter and former RTÉ Dragon Norah Casey slipped further last year to €57,502.

The drop in profits came in spite of revenues and circulation increasing across Ms Casey’s stable of magazines.

Figures show that Ms Casey’s Harmonia Ltd, which publishes Irish Tatler, Women’s Way, U magazine, and Food & Wine, sustained a 26% drop in pre-tax profits, from €78,121 to €57,502, in the 12 months to the end of Dec 2012.

The fall in profits last year followed a 76% drop in pre-tax profits in 2011 to €78,121.

The directors’ report states: “Harmonia Ltd has performed extremely well and has increased revenues in the current year.”

The abridged accounts — which do not provide a revenue figure for 2012 — show that the firm’s gross profit last year dropped by 12%, from €1.57m to €1.38m, as revenues for 2011 hit €6.1m.

The profits drop last year came in spite of Food & Wine increasing its circulation by 15.2% to 8,607; Irish Tatler increasing circulation by 4.2% to 24,919, and U magazine increasing circulation by 10.2% to 27,819.

ABC figures show that the only magazine to see a drop was Women’s Way, which recorded a 1.9% circulation drop to 22,120.

Along with publishing consumer magazines, the group is also a full service contract publisher, producing customer and employee magazines, newsletters, and other print material for a range of companies and organisations.

The pre-tax profit last year takes account of combined non-cash cost of depreciation and amortisation totalling €122,730.

Ms Casey’s husband and editorial director of Harmonia, Richard Hannaford, died aged 49 in Oct 2011 after an illness. Prior to his death, he oversaw the launch of brands such as Tatler Man.

The two current directors of the firm are Norah Casey and Ciaran Casey. Remuneration for directors last year dropped by 29% from €240,694 to €171,420.

The firm’s operating profits last year fell 26%, from €88,241 to €65,514.

Harmonia has 41 staff and employment costs — including directors — decreased from €1.68m to €1.46m in 2011.

The figures show that the firm’s accumulated profits last year rose to €1.2m. Cash decreased from €285,495 to €34,183. However, the value of the firm’s investments increased from €70,000 to €211,010.

Ms Casey left co-presenting duties at Newstalk Breakfast last Thursday. She has been replaced on an interim basis by Shane Coleman.