Golden Pages firm slips into the red

The firm that produces the Golden Pages directory slipped into the red last year after a further slump in revenues.

New accounts filed by FCR Media to the Companies Office show the firm recorded a pre-tax loss of €1.46m. This followed a pre-tax profit of €1m in 2012.

It recorded the loss after revenues fell by 16% from €20.78m to €17.32m in the 12 months to the end of December. This followed a 19.5% drop in revenues in 2012 from €25.8m to €20.7m.

According to the directors’ report, a major contributing factor to the loss was an extra charge of €1.14m relating to the firm adjusting the estimation technique used in relation to the deferral of costs for its print and online products.

Revenues from online products last year rose from 35% to 41% with the corresponding drop in print product revenues going down from 65% to 59%.

The Dublin edition accounted for 42% of the Golden Pages classified directory income in 2013.

US firm Truvo off-loaded its Irish Golden Pages business to the Estonia firm, Contact Holdings in December 2011.

The firm’s operating losses last year increased seven fold from €227,000 to €1.678m.

Severance costs of €130,000 associated with restructuring initiatives increased the firm’s losses. It recorded a loss before interest of €1.8m, however combined interest receivable and other finance income of €344,000 resulted in the €1.46m pre-tax profit.