Newspapers see revenue fall for second year

The publishers of the Irish Daily Mail and Irish Mail on Sunday have seen revenues decrease for the second successive year.

Documents filed with the Companies Registration Office show Associated Newspapers (Ireland) recorded turnover of €18.27m in 2013; a cut in revenue of more than €950,000 from the previous year.

Despite lower revenues, the publishers turned a pre-tax profit of €1.92m in the year as a result of cost-cutting measures.

While the report states that the directors are satisfied with the company’s results, it also states that they are cognisant of the continued support of the parent company.

“The company is conscious of the need for continued financial support from its parent undertaking in order to continue as a going concern. The company’s principal source of income is its service contracts with Associated Newspapers Limited,” the directors’ report reads.

The publishers’s Irish operations received a non-refundable capital contribution of €51.6m from its parent in 2013.

The salaries of the four directors fell by a combined €36,000 in the 12 months to the end of September while staff wages, salaries and redundancy costs declined by €430,000 compared with the same period last year.

The company’s financial performance was also aided by tax over-provisions in earlier periods of almost €259,000 which reduced its total corporation tax bill to just €19,100.

Accumulated losses of €59.49m have been racked up by the company since its establishment in the Irish market in September 2001.