Casey publishing group in red
Accounts just filed by Harmonia Ltd show the firm last year recorded a pre-tax loss of €79,272, following a pre-tax profit of €57,502 in 2012 — a negative swing of €136,774.
Last October Ms Casey confirmed that she was standing down from leading the business on a day-to-day basis to concentrate on her media career.
However, former RTÉ Dragon Ms Casey remains owner of the business that publishes Irish Tatler, Women’s Way, U Magazine and Food & Wine and now serves as chairwoman of the group.
Ms Casey’s brother Ciaran now leads the company as chief executive, while sister Carissa Casey is editorial director of one of the group’s titles, Ireland of the Welcomes.
The firm’s move into the red came in spite of it recording an increase in gross profit last year by 1.5% from €1.38m to €1.4m.
Revenues for the group in 2011 topped €6.1m but no revenue figure is available for last year or 2012.
Harmonia going into the red in 2013 coincided with drops in circulation in its main titles last year.
The figures show that circulation last year dropped by 8% at Food & Wine, from 8,607 to 7,921, with Irish Tatler sustaining a 7% drop from 24,919 to 23,057 while circulation at U Magazine dropped by 18% from 27,819 to 22,585.
Along with publishing consumer magazines, the group is 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 €83,418.
The two directors of the firm are Norah Casey and Ciaran Casey. Remuneration for directors last year dropped by 8% from €171,420 to €157,841.
The firm recorded an operating loss last year of €79,794 that followed an operating profit of €65,514 in 2012.
The figures show that the firm’s accumulated profits last year increased to €1.12m.
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