The company that publishes Hot Press magazine recorded a profit for the second year running in 2012 after years of successive losses.
With figures last week showing that the magazine increased its circulation in 2013, filings lodged with the companies office reveal that Osnovina Ltd recorded a profit of €13,739 in 2012, with accumulated profits increasing from €607,858 to €621,597.
The firm also recorded a profit in 2011, of €15,533.
According to a note with the accounts: “The company again made a profit in 2012. The company had implemented a cost-saving strategy throughout all areas of the business in the last number of years and has continued to do so in 2013.
“At the same time, the company is successfully driving and innovating its sales in what continues to be a difficult marketplace. The management accounts for 2013 show the company maintaining profitability.
“The company’s bankers have also recently extended their banking facilities to the company. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.”
The accounts show that the company had shareholder funds totalling €645,405 in place at the end of December 2012.
The most recent ABC figures show that Hot Press, established by Niall Stokes in 1977, bucked the trend in the magazine publishing industry. The figures for January to December 2013, published last week, show the magazine sold on average 17,239 — up 61 copies on the 17,178 average circulation in 2012.
The directors are listed as Mr Stokes, Mairin Sheedy, and John Hayden who resigned from the board in May 2012. The accounts for 2012 state that the directors were owed €496,001 by the company.
The company further reduced its bank loans in 2012, from €226,145 to €164,172, and the directors have personal guarantees of €541,251 in place in respect of security for the loan. The firm owed €58,334 in Vat and €46,086 in payroll taxes and social welfare costs at the end of 2012.
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