Turnover increases to €79m at company which runs Web Summit  

CEO and founder of Web Summit Paddy Cosgrave delivers a speech at the opening ceremony of Web Summit at Parque das Nacoes in Lisbon, on November 10, 2025.Picture: Patricia de Melo Moreira/AFP via Getty Images

A company which runs the Web Summit recorded turnover of €79.2m in 2024, up 30% from the €59.6m recorded a year previously.

The annual report of Manders Terrace Ltd, whose principal activity is developing software and organising events, shows the company had gross profits of €45.8m last year, up from €30.8m in 2023. Manders Terrace Ltd is 100% owned by Proto Roto, which in turn is owned by Web Summitt founder and CEO Paddy Cosgrave. 

The company reported administrative expenses of over €42m. Profits after tax stood at €3.6m, the financial statement said. 

During 2024, the company had four directors and 286 employees, with staff costs of €29.3m including €26m on wages and salaries.

The latest flagship 2025 Web Summit took place earlier this month in Lisbon, where speakers included Meta chief marketing officer Alex Schultz, Qualcomm chief executive and president Cristiano Amon, Mercedes F1 team principal Toto Wolff, former tennis star Maria Sharapova, and podcaster and actress Jameela Jamil.

The Web Summit was first held in Dublin in 2009 before moving to Lisbon in 2016. It has since extended its reach, and Web Summit now organises four other global events: Collision, based in Toronto, Web Summit Vancouver, Web Summit Rio, Web Summit Qatar in Doha, and RISE in Hong Kong.

The financial statement noted that "subsequent to the financial year-ended 31 December 2024, the company settled the legal dispute with its minority shareholders. The settlement is subject to a non-disclosure agreement."