Web Summit profits plunge post-covid as admin costs soar

New documents showed the overall financial health of the firm prior to the controversy that engulfed the trade show organiser last year

Paddy Cosgrave still owns 81% of Web Summit. Photo: Stephen McCarthy / SPORTSFILE via Getty Images

Web Summit posted a sharp decline after-tax profits even before its latest woes as administrative costs weighed on the company’s finances post-pandemic, according to new documents.

The conference organiser posted after-tax profits of around €114,000 for 2022, plummeting nearly 100% compared to €3.8m in total comprehensive income made by the firm in 2021.