Profits of web summit firms top €600k

The companies behind the Dublin Web Summit and F.ounders events continue to enjoy rapid growth, with combined accumulated profits increasing by €143,391 to top €600,000.

The idea for the Dublin Web Summit was only dreamt up by Paddy Cosgrave in a Dublin bedroom a little over four years ago, but it is now Europe’s largest technology conference, creating a spin-off of €20m for the economy.

The Dublin Web Summit was first staged in 2010, attracting 500 attendees, but has grown to over 10,000 attendees from 97 countries and 350 speakers.

At the 2013 event in November, Taoiseach Enda Kenny rang the Nasdaq opening bell while the IDA used the event to announced 335 jobs among tech firms here.

The 2014 event — which is to be rebranded ‘The Summit’ and runs from November 4-6 — is expected to attract some 20,000 attendees.

Mr Cosgrave only turned 30 last year but the two firms he co-owns with business partner David Kelly had accumulated profits of €601,532 at the end of December 2012.

New accounts lodged with the Companies Office show that Dublin Web Summit Ltd increased its profits from €135,616 to €188,924 in the 12 months to December 31, 2012.

The accounts — signed off on April 1 — show that the firm’s cash pile fell decreased from €361,865 to €82,017.

The firm behind the more exclusive F.ounders events – described as “Davos for Geeks” — Founders Events Ltd show that it increased its accumulated profits by €88,083 to €324,225 to €412,608 in 2012.

The cash at Founders Events Ltd decreased from €299,053 to €209,965.

Lesley O’Connor, executive producer of The Summit, said yesterday: “The company is making an investment into the future growth of the company and scaling with new events in the US and a much larger Summit in Dublin.”