‘Hot Press’ profits increase for fourth straight year

Profits at the firm which publishes music magazine Hot Press trebled in 2014, latest accounts show.

A post-tax profit of €51,596, for Osnovina Ltd, represented the fourth consecutive annual surplus after years of successive losses.

Accumulated profits at the firm increased from €639,370 to €690,966 in the 12 months to the end of December 2014.

Hot Press — which celebrates 40 years in business next year — was established by Niall Stokes in 1977.

It featured a number of notable contributors including Irish Examiner sportswriter Liam Mackey and Father Ted creators Graham Linehan and Arthur Mathews.

The accounts show Osnovina’s shareholder funds increased from €663,178 to €714,774 as of the end of 2014.

The company’s only two directors are Mr Stokes and his wife, Mairin Sheehy.

At the end of 2014 they were owed €457,098.

The firm was owed €851,871 by connected companies as of the end of 2014 and had bank loans totalling €306,222.

A note in the accounts states that Bank of Ireland holds personal guarantees totalling €541,251 from the directors in respect of the principal amount.

At year end, the firm owed €39,090 in Vat and €28,948 in payroll taxes and social welfare costs.

The latest year under review also saw Hot Press marginally increase its average circulation to 17,270 copies, comprising a mix of print and online sales.