Losses widen at Web Summit to €5.6m despite rising revenue

Newly filed accounts show the tech conference paid €450,000 to media organisation the Ditch.com in 2023 

Web Summit CEO & Founder Paddy Cosgrave  (Photo by PATRICIA DE MELO MOREIRA / AFP) (Photo by PATRICIA DE MELO MOREIRA/AFP via Getty Images)

Web Summit, the tech conference business co-founded by entrepreneur Paddy Cosgrave, saw its losses widen despite an almost 14% rise in revenue, newly filed accounts show.

Manders Terrace Limited posted a pre-tax loss of €5.6m in 2023, down from a pre-tax profit of €326,489 the year before. However, the company posted record revenue of almost €60m in 2023, despite controversy that led to several companies pulling out before last year's conference in Lisbon.