TCH operating profits up 50%

Media group Thomas Crosbie Holdings Limited (TCH) has reported pre-tax operating profits of €10.1m, up 50% on the 2003 figure of €6.7m.

When exceptional items - including property transactions and re-organisational costs - are taken into account, the pre-tax profits increased to €45.2m (from €6.3m in 2003).

Turnover was €84.25m (€76.45m in 2003). Borrowings were reduced from €15m to €2m, while shareholders dividends were €5.1m (€3m in 2003) and directors’ remuneration was €892,000 (€632,000 in 2003).

Confirming the group’s commitment to expansion, TCH MD Anthony Dinan said: "...TCH is well placed to continue on the acquisitive path...We are committed to expansion through organic growth and acquisition and our strong financial position ensures that we will compete for any suitable media assets coming onto the market."

He said that the outlook for 2005 is very positive also.

Thomas Crosbie Holdings Limited (TCH) owns new media and content syndication company Thomas Crosbie Media (TCM), operator of breakingnews.ie, rugby.ie, motornet.ie and recruitireland.com.

TCH also owns 14 newspaper titles: Irish Examiner, the Evening Echo, The Sunday Business Post, The Irish Post, the Waterford News & Star, the Western People, the Sligo Weekender, The Kingdom, the Newry Democrat, the Down Democrat, the Nationalist and Leinster Times, the Kildare Nationalist, the Laois Nationalist and the Roscommon Herald (which was acquired in 2004).

TCH also has sizable shareholdings in Red FM and Midwest Radio.