Golden Pages firm returns to profit

The firm that produces the Golden Pages directory returned to profit last year in spite of a drop in revenues.

New accounts filed by FCR Media Ltd show that the firm recorded a pre-tax profit of €1 million, following a €3.1m loss in 2011.

The firm returned to profit as revenues declined by 19.5% to €20.7m.

According to the directors’ report, the company made a profit due to a reduction in its overall cost base, with a large contributor to this reduction being payments to directors decreasing from €1.62m to €385,000.

The directors also stated that print products accounted for 65% of revenues in 2012 compared to 72% in 2011. The Dublin edition accounted for 42% of the Golden Pages’ classified directory in 2012.

The firm’s online products accounted for 35% of revenues last year and “the directors believe that the development of the company’s online products will continue to grow into the future and will be the cornerstone of future development and growth”.

US firm Truvo off-loaded its Irish Golden Pages business to Estonian firm Contact Holdings, that also operates directory companies in Estonia, Latvia and Lithuania, in Dec 2011.

The figures show that the firm’s operating losses last year amounted to €227,000 before a net exceptional gain of €1m is taken into account. That exceptional gain arises from a gain of €1.4m on the firm’s agreement with Eircom, relating to the printing, distribution and advertising rights of the Eircom phone book and €398,000 severance costs.

The numbers employed by the firm last year reduced from 150 to 133, with staff costs declining from €9.4m to €8m. The firm’s selling and distribution expenses reduced from €9.7m to €8.8m, with administrative expenses falling from €8m to €5m.

No dividend was paid last year, compared to a dividend of €43.5m in 2011.

The accounts state: “The company is beginning to reposition itself with a revised business model.”