The online news agency established by former RTÉ presenter Mark Little is to double revenues in 2012 and expects to do so again in 2013.
Mr Little yesterday confirmed the sharp rise in revenues at the Dublin-based media firm when commenting on accounts filed by Storyful Ltd to the Companies Office.
The abridged accounts show that the losses at the firm increased by €832,857, from €363,944 to €1.2m, in the 12 months to the end of December last year.
In an interview yesterday, Storyful’s founding CEO said the losses “reflect standard start-up costs”.
Illustrating the rapid growth of the business, Mr Little said: “We more than doubled sales revenue in 2012 and expect to do so again in 2013.”
The former Prime Time presenter left RTÉ to establish the agency in Jan 2010.
Mr Little said that on day one, there were two employees and a laptop. The firm now employs 30 people, mostly at Storyful’s Dublin headquarters, while it has also opened offices in Hong Kong and New York.
Mr Little confirmed he has left RTÉ on a permanent basis. “I will not be returning to Montrose,” he said.
Backed by internet entrepreneur Ray Nolan, RTÉ Dragon Sean O’Sullivan’s SOS ventures, and ACT Ventures, Mr Little described their investment in Storyful as “significant” and “the resulting expansion explains the figures in the filings”.
The figures show that the firm had shareholder funds of €88,434 at the end of last year following a shareholders’ deficit of €93,790 in 2010.
The filings show the firm received a total cash injection of €951,630 last year.
Mr Little said: “My ambition when I set up Storyful in 2010 was to create the first news agency of the social media age. That’s exactly what we have done.
He said: “It’s been a hard slog in the prevailing economic climate building a successful start-up, but our focus on international clients and an emerging market has helped us survive and prosper.”
Storyful works with news organisations including the BBC, Reuters, New York Times, and Channel Four.
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