Kenny’s media firm increases cash pile to €540k before Newstalk departure

The cash pile at Pat Kenny’s media firm last year jumped by almost €150,000 to €539,771 before the broadcaster’s departure from RTÉ to rival Newstalk.

Last July, Kenny caused shockwaves across the media industry and beyond when he announced his departure from RTÉ after 41 years at the station.

At the time, Kenny stressed that money was not the over-riding factor in leaving the national broadcaster, but admitted to being “completely gobsmacked” by Newstalk’s offer after the expiry of his RTÉ contract on May 21 last.

The most recent figures available from RTÉ show that Kenny earned a salary of €630,000 in 2011 and the 65-year old was unable to agree a new contract resulting in Kenny ‘moving the dial’ to Newstalk.

Now, new figures from Kenny’s Pat Kenny Media Services Ltd show that the broadcaster continued to prosper while at RTÉ.

The accounts filed show that the firm’s accumulated profits increased by €149,001 from €309,058 to €458,059 in the 12 months to the end of June 30 last.

The 48% jump in profits last year follows the firm recording an 83% increase in profits in 2012 when profits increased by €140,396, going up from €168,662 to €309,058.

The abridged 2013 accounts — which don’t provide a revenue figure — show that along with the cash pile, the firm had investments totalling €352,000.

The filings show that the firm owes €437,784 falling due within one year. However, the largest proportion owed is to the firm’s directors, Pat and his wife, Kathy Kenny. The figures show that monies owed by the firm to the two decreased by €6,800 from €404,176 to €397,376.