Directory company wins gold with operating profit of 3.7 million euros
The operating profits of the company behind the pagesdor.ie site jumped 36% to 3.7 million euros in 2016, new accounts show.
FCR Media only left the review last November and new accounts show FCR Media Ltd increased operating profits in 2016 despite a 12% drop in gross profit from 10.1 million euros to 8.9 million euros.
The company’s exit from the review, which secured the employment of 73 workers, was approved by the High Court after a restructuring of the company’s liabilities.
The company secured new investments from two investors during the period under review. The company has decided to stop publishing the printed version of the Golden Pages and to concentrate on its online activities.
The new accounts show that the company’s pre-tax profits fell 18% from 2.43 million euros to 1.98 million euros in 2016.
The main factor behind the decline in profits was the depreciation of 1.7 million euros in investments. This compares to a write-down of â¬ 195,000 in 2015.
The increase in the write-off was partially offset by interest payments which increased from â¬ 1 million in 2015 to â¬ 657,113 in 2016.
The company’s cash position during the year fell from â¬ 666,844 to â¬ 21,644.
The company’s cumulative profits fell from â¬ 3.5 million to â¬ 1.4 million, largely due to an actuarial loss of â¬ 3.8 million on the pension plan to defined benefits of the company.
The remuneration of directors went from â¬ 405,930 to â¬ 380,701.
The number of employees of the company has increased from 132 to 116 and salaries have increased from 6.2 million euros to 5.29 million euros.
Directors say the company will continue to enter the Irish market with its website and e-commerce solutions and create search campaigns to engage buyers through local directory and pay-per-click solutions.
FCR Media Ltd has sought court protection after media group FCR withdrew its interest in the Irish market, meaning the company could no longer pay its debts as they fall due.
The larger FCR Media group provides research and advertising services in 10 European countries and has over 1,000 employees across its operations.
The Irish company’s debts to creditors, including income as of July 21, amounted to â¬ 5.5m.
The alternative under consideration was a liquidation with a deficit of â¬ 8.9 million in liabilities over assets.