Daft Media back in black with €2.66m pre-tax profits

Daft Media returned to profit last year according to newly-filed accounts. Daft Media is the company behind the Daft.ie online property site.

The company generated pre-tax profits of €2.66m last year, having posted a pre-tax loss of €2.49m in 2015, which was attributable to it writing off €5.5m owed to it by a connected business.

The growth in the property market resulted in the group’s revenues jumping 8% to €8.16m.

Daft Media’s accumulated profits stood at €3.7m at the end of last year, up from €1.4m 12 months earlier.

The company’s shareholders including founding brothers Eamonn and Brian Fallon shared a further €1.17m in dividend payouts last year. They have shared a combined €4m in dividends over the past three years.

Numbers employed by Daft Media last year rose from 39 to 44 with staff costs rising from €2.7m to €3.1m. Pay to directors totalled €279,954.

Daft Media Ltd is a subsidiary of Distilled SCH Ltd and recently-filed accounts for the parent firm show that it recorded a pre-tax loss of €1.5m last year.

That compared to a €1.3m loss for the six months to the end of December 2015, its only previous reporting period.

Distilled SCH, however, more than doubled revenues last year to €22.4m.

Distilled SCH was established in 2015 after daft.ie operations along with that of sister company, adverts.ie were merged with Schibsted Media’s Done deal.ie

The group recorded the loss as a result of non-cash amortisation of goodwill costs totalling €6m. The group also incurred €406,827 in restructuring costs.

Numbers employed by the overall group last year rose from 126 to 141 with staff costs totalling €9.3m.

More in this Section

Doubts Donald Trump’s growth spurt can be sustained

Breaking Stories

US threatens more sanctions in Turkey crisis

Tesla boss Elon Musk says stress and workload taking heavy toll

Google workers protest against secret China search engine ‘Dragonfly’

House of Fraser apologises after cancelling all online orders

More From The Irish Examiner