Thomas Crosbie Holdings reports record results

Media company Thomas Crosbie Holdings Limited (TCH) has reported record results for the 53 weeks ended January 1, 2006.

Operating profit before interest and taxation for the year was €11.3m, an 11% increase on 2004's €10.13m.

When exceptional items are taken into account, the pre-tax profits increased to €12.3m.

Turnover was €93.5m, up from €84.2m in 2004. Shareholders dividends were €7m, up from €5.1m in 2004 and directors’ remuneration was €2.66m, up from €892,000 in 2004.

"The healthy results across the group’s portfolio of businesses means that TCH is well placed to continue on the acquisitive path," said group managing director Anthony Dinan.

"The newspaper market is changing rapidly and TCH is one of the stronger groups emerging from the consolidation. 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 2006 is very positive.

TCH chairman Alan Crosbie said: "The outcome was a tribute to all the group management and staff."

Thomas Crosbie Holdings comprises 18 newspapers; the Irish Examiner, the Evening Echo, 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, The Sunday Business Post, Roscommon Herald, Enniscorthy Echo, New Ross Echo, Gorey Echo, Wexford Echo and The Irish Post.

Breakingnews.ie owner Thomas Crosbie Media is the digital media subsidiary of the group and also owns Motornet.ie, GolfOnline.ie, Rugby.ie and RecruitIreland.com.

TCH also has 36% shareholding in RedFm in Cork and 15% in Mid West radio in Mayo.