Web Summit group returns to profit following Covid loss

Numbers employed by the group continued to rise from 225 at the start of 2020 to 246 at the end of last year.

Web Summit's co-founder Paddy Cosgrave owns 81% of the business. Picture: Pedro Nunes

Paddy Cosgrave’s Web Summit group last year returned to profit to record pre-tax profits of €4.34m.

That is according to new 2021 accounts filed by Manders Terrace Ltd which show the group returned to profit after revenues last year increased by €14.45m or 83% from €17.35m to €31.8m. The accounts - which became available on Wednesday - show that the business recovered last year as Covid-19 restrictions eased.