The directors of the Irish arm of the company that operates voucher site Pigsback.com have reviewed the firm’s cost base after seeing its losses balloon by over €200,000.
Newly filed accounts for Empathy Marketing Ltd, which runs the advertising and rewards website, show a jump in pre-tax losses from €6,271 in 2013 to €209,366 in 2014, the most recent year for which figures are available. Revenues fell by 23.5% to €2.55m.
The site launched in Ireland in 2000 and has a unique active audience of 570,000 people, 75% of whom are women.
Some of its recent client wins include AIB, the DAA, ESB, Concern, Itsa, and Kerry Group.
The firm’s directors said that during 2014 they made “significant progress” in restructuring, with cost benefits now “bearing fruit”.
However, they added: “As with other entities in the advertising industry, the company has experienced drops in demand for advertising services as marketing spend is curtailed in the current economic climate.
“In light of the current economic climate, the company is conscious of the need to generate positive cash flow from its trade and to ensure that sufficient cash flow is available to continue to trade through the current downturn.
"In this regard, the company has reviewed its cost base and financing requirements as well as continuing to develop new business to ensure the business is adequately financed.”
© Irish Examiner Ltd. All rights reserved