Web Summit firm builds cash pile to €2.5m in 2014

The cash pile at the group of companies behind the Web Summit more than doubled to €2.5m in 2014.

Web Summit firm builds cash pile to €2.5m in 2014

That is according to new accounts just filed which show the three directors behind the Summit — Paddy Cosgrave, Daire Hickey and David Kelly — shared combined pay of €288,814 in 2014, representing a drop on the €368,283 paid out in 2013.

Mr Cosgrove was involved in a high-profile row with Government last year over the Web Summit in Dublin and the group moving the event to Lisbon.

The Web Summit group of firms includes Dublin Web Summit Ltd and Founders Events Ltd.

However, accumulated profits at Manders Terrace Ltd that contains the consolidated accounts for the firms dropped in 2014 from €492,652 to €141,028.

The abridged accounts don’t provide a revenue figure or a profit for the year.

Underlining the group’s expansion during the 2014 period, numbers employed at the group increased from 40 to 69, with staff costs rising from €1.72m to €3.3m.

A spokesman for Web Summit said: “Web Summit and its series of international events are going from strength to strength.

"We have doubled the number of employees in the company in the last year to 135. Our most recent hire is Giuseppe Vitulano as vice president of global sales.

"He is a former head of sales for Google.”

He added: “We are looking to hire rapidly in 2016 as we scale our events across the world: SURGE in India, RISE in Hong Kong, Collision in New Orleans, MoneyConf in Madrid and Web Summit in Lisbon.

"More than 50,000 attendees came to our events in 2015 and we are looking to double that in 2016.

"Many thousands have already signed up to attend Web Summit in Lisbon.”

The accounts show that the group wrote down the value of its intangible assets from €1m to zero.

A note attached to the accounts states: “The group have reviewed the policy regarding the capitalisation of goodwill created through corporate restructuring.

"As a consequence…the group has written down the assets.”

The Web Summit has grown exponentially since it was first staged in 2010 and last November, 42,000 people from 134 countries came to Dublin for Web Summit where they listened to 1,000 speakers.

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