Media group TCH reports €10m decline in turnover in 'challenging conditions'

Media group, Thomas Crosbie Holdings Limited (TCH), has announced a €10.7m fall in revenues for the 52 weeks to January 2, 2011.

The group said their turnover of €71.8m had shown a fall from the €82.5m generated over the 53-week period ending January 3, 2010, but their operating losses increased only marginally from €2.9m in 2009 to €3.1m in 2010, due to the achievement of significant cost reduction and loss elimination programmes.

Pre-tax losses fell from €38.2m in 2009 to €6.3m in 2010. The 2009 losses were impacted when the carrying values of a number of media brands acquired in recent years were written down by €30m.

Thomas Crosbie Holdings chairman, Alan Crosbie, said the directors are confident that the long-term growth achieved by the group will continue despite the "very challenging conditions" of 2010 and in the current year.

Mr Crosbie said that he wanted to pay particular tribute to the 600 plus employees of TCH who through their commitment, support, personal contributions and acceptance of pay and other benefit reductions have played a vital role in the continued success of the company.

TCH chief executive, Tom Murphy, said the company had faced up to the fact that the market for newspapers and advertising across all platforms continues to be "challenged".

Mr Murphy said the company engaged in a group-wide cost reduction programme in 2010 and that this is continuing through 2011 and into 2012.

He said: “This programme has yielded significant benefits to date, circa €12m in the 52-week period to 2 January 2011 and some €4m in the six months to 3 July 2011. We will also continue with our revenue enhancing initiatives across our newspapers, radio and online platforms.”

Dividends of just €70,445 were paid in 2010, down from €1.1m a year earlier.

Directors’ remuneration fell from €1m to €781,000. Cash equivalent investments held by the company fell from €7.5m to €3m.