Regional news group Formpress Publishing’s profits soar

The profit before tax at the newspaper publisher Formpress Publishing increased last year by 80% to €323,207.

New accounts for Formpress Publishing Ltd show higher profits despite revenue falling to €9.5 million for the 12 months to the end of September 2021 during the pandemic-hit year.

This contrasted with income of €17.4 million in the previous 18 months. On a comparable 12-month basis, however, revenue fell 18 percent.

Formpress Publishing is a subsidiary of Iconic Newspapers and the company operates more than 20 local news publications here, including the Limerick guide, Dundalk Democrat and Leinster guide.

The Group increased its profits mainly due to “Other operating income” of €1.82 million compared to €564,873 in the previous 18 month period.

Separate figures provided by the Revenue Commissioner show that the company claimed payments from the Employment Wage Subsidy Scheme during the period.

Directors state that “like many companies, results have been impacted by the Covid outbreak which has had a significant impact on advertising and newspaper sales”.

They add that the company “continued to take advantage of government support schemes, but as a result of the Covid outbreak, profits remained at lower levels.”

Formpress is owned by London-based Media Concierge, controlled by businessman Malcolm Denmark.

The number of employees at Formpress fell from 135 to 119 as the total personnel costs amounted to 4.7 million euros.

The total remuneration for members of management in key positions amounted to €1.06 million.

Last year’s profits include combined non-cash depreciation and amortization costs of €1.14 million.

At the end of September 2021, the company had shareholder funds of €12.52 million, including accumulated profits of €4.15 million.

The company’s cash decreased from €993,804 to €701,228.

https://www.independent.ie/business/irish/profits-rise-at-regional-news-group-formpress-publishing-42237152.html Regional news group Formpress Publishing’s profits soar

Fry Electronics Team

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