Irish Times group almost doubles profits
Ottoline Spearman
The Irish Times media group almost doubled its pretax profit last year to €4.05 million, an increase of €1.9 million.
This was due to a slightly improved trading performance, profit on disposal of operations of €4 million, investment portfolio gains of €1.2 million, and costs of reorganisation of €3.7 million.
According to the company accounts, the group recorded turnover of €115.6 million in the 12 months to the end of 2024, marginally ahead of the previous reporting period.
Print circulation revenues were flat year on year, despite a decline in sales volumes, with “good progress” made in “driving digital subscriptions”, the accounts state.
The group closed 2024 with 143,000 subscribers, including home-delivery customers.
A key area of focus in 2025 is the continued cost reductions in a number of key areas, including newsprint, distribution and energy, which are offset by increases in payroll and technology projects.
The accounts show that the group incurred €3.7 million in costs related to a voluntary redundancy programme, while the net cost of acquisitions and disposals amounted to €6.5 million.
The accounts state that "the impact of the 2024 voluntary parting programme" allowed for "reinvestment in key digital roles for the future".
Acquisitions were funded from the group’s own resources, with its net cash reducing to €7.9 million at the end of 2024 from €16.6 million the previous year.
As part of the strategy to" diversify its revenues", during the year, the group acquired online death notice platform RIP.ie, as well as sports data app Score Beo and the remaining half share of Gloss Publication Ltd.
It also disposed of its shareholding in radio station Beat 102-103 and closed Irish Times Training.
Staff numbers reduced to 837 from 874, while payroll costs increased to €60.9 million from €59.6 million in 2023.
Directors’ remuneration was flat at €1.07 million, with the annual salaries of the managing director and the editor unchanged at €275,000.
Commenting on the results to the Irish Times, Mikie Sheehan, interim managing director, described the performance last year as “positive” while “not perfect, with challenges across our business units”.
“We are growing, we’re profitable, we’re investing and we’re bringing in new skills, and digital subs are growing, which is a key strategic area for us,” he said.
Last month, the group managing director of The Irish Times, Deirdre Veldon, stepped down after almost three years in the post. Mr Sheehan told the Irish Times that the group hoped to announce the appointment of a new managing director in the near future.
Based in Dublin, the group publishes The Irish Times, the Examiner and Echo titles based in Cork, BreakingNews.ie, and a number of regional publications. It also owns property website MyHome.ie.
