Golden Pages lets €21m profit do the talking

THE Golden Pages directory made profits of just under €21 million in 2002, the year it was sold by Eircom for €185m.

Profits for the year to December 31 were ahead by 46%, while turnover for the year was also ahead, up from €61.5m to €66.1m, according to accounts filed recently at the Companies Registration Office (CRO).

The Golden Pages was one of the first businesses to be sold by Eircom when the Valentia consortium, led by millionaire businessman Tony O'Reilly, took control of the former semi-state in late 2001.

The Golden Pages was bought by Dutch publishing company VNU, who had already owned 37% of the Irish firm, for €185m in May 2002.

The Golden Pages produces the phone book and six golden pages directories in Ireland with an annual circulation of over 3.6 million copies. The firm has 43,000 paying advertisers and is considered one of the most profitable publishing companies in the country with profit margins of over 30%.

"The company experienced increased levels of turnover and profitability during the year. It is the intention of the directors to continue to develop the current activities of the company and in particular to expand the present product range offered by the company," the directors said in the accounts.

Though annual profits were the Golden Pages reduced its workforce from 303 people to 279. However, even with the cuts, the wages and salary bill at the firm increased from €10.5m to €12.2m.

After tax, the Golden Pages had retained profits of €17.9m and shareholders funds of €37.1m.

The company's four directors William Gartland, Marc Goegebuer, Ian Byrne and Egidius Peninx did not receive any remuneration during the year.