Irish Times Group doubles pre-tax profits to €4m

Media group invested €12m acquiring RIP.ie, ScoreBeo and the remainder of Gloss Publications

The profit increases were also partially offset by reorganisation costs of €3.7m, which included the impact of a voluntary parting programme.

A busy year of acquisitions and disposals helped the Irish Times Group to double pre-tax profits to €4m last year.

New accounts published today show the group recorded a marginal increase in revenues last year to €115.6m, which masked significant internal movements as the media group, which includes the Irish Examiner and Echo titles, continues to push its digital growth strategy.

The jump in profits to €4m, from €2.1m in 2023, was largely driven by a €3.4m profit on the disposal of south east radio station WKW FM, or Beat 102 – 103, to Newstalk owners Bauer. The group also saw its investment portfolio, made up of bonds, gold, cash and other instruments, rise by €3.5m. Some of these gains were eroded earlier this year due to market turmoil, with the portfolio dropping €2m-€3m, however, those losses have since been recovered. The profit increases were also partially offset by reorganisation costs of €3.7m, which included the impact of a voluntary parting programme.

A key element of the group's 2024 strategy was the expansion of its digital footprint through €12m in targeted acquisitions. Last year, The Irish Times DAC acquired 100% of the share capital of Gradam Communication, which trades as RIP.ie, and ScoreBeo Limited, a sports data website. It also acquired the remaining 50% shareholding of Gloss Publications.

Through the acquisitions, the group took on almost €2m in net assets, and including the proceeds from the radio disposal, the deals saw a net cash investment of €6.5m. The group's overall net cash position decreased year-on-year to €7.9m from €16.6m in 2023.

Michael Sheehan, Chief Financial Officer and interim Managing Director of the Irish Times Group, said the results reflect a positive story, but the company and media sector continue to face significant challenges. “We are growing, we are profitable, we're investing, we're hiring, we're bringing in skills and capabilities. But at the same time, we are still faced with some of the same challenges. Print decline, cyber threats, big tech eating our lunch, and we're also now facing newer challenges like Gen AI and the fight for attention. We are still navigating through some choppy waters.” 

“But what we produce is high-quality independent journalism that people can trust. It continues to be the cornerstone of what we do. We, as an industry, have an awful habit of being our own worst enemy in terms of talking ourselves down, and we oversell the risks. We don't accentuate the positives.” 

Mr Sheehan said the integration of RIP.ie and other acquisitions was going well. The company drew criticism earlier this year when it introduced a charge to funeral directors for posting death notices. “It’s been a brilliant performer for the group. It is an asset for us and an asset for the people of Ireland. We put in a charge at the start of the year, there was a bit of a frenzy around that, but we were very careful in how we did that. We engaged heavily with the Funeral Director Association in advance, but the performance and the satisfaction in the RIP site have not diminished in any way, shape or form.” 

Last month, the managing director of the group, Deirdre Veldon, announced she was stepping down from the role, having been in the post since 2002, with Mr Sheehan taking over the role on an interim basis.

A committee within the Irish Times Group is currently running a targeted process to recruit a successor with an outcome expected in the coming weeks.