The Irish Times media group almost doubled its pretax profit last year to €4.05 million due to a slightly improved trading performance, investment portfolio gains and tight management of costs, according to figures just released.
Accounts for The Irish Times Designated Activity Company (DAC) show that it 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, in spite of 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.
RM Block
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. 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 a year earlier.
The group acquired RIP.ie during the year, along with sports data app Score Beo and the half share of Gloss Publication Ltd that it did not already own. 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. The board is chaired by businessman Shay Garvey.
Commenting on the results, Mikie Sheehan, interim managing director of The Irish Times DAC, 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.
On trading in the current financial year, Mr Sheehan said the group had traded well in the first and third quarters. The period from April to June was “very challenged” as advertisers were “more cautious” amid general geopolitical uncertainty, including the threat of tariffs from US president Donald Trump.
“I would hope that we’ll have a very positive Q4 ahead. We are tracking, from a trading or operating performance perspective, in line if not slightly ahead of last year,” he added.
He said the acquisition of the website RIP.ie had proven to be a “really good fit commercially” for The Irish Times group.
Last month, the group managing director of The Irish Times, Deirdre Veldon, stepped down after almost three years in the post. Mr Sheehan said a process to appoint a new MD was under way and the group hoped to make an announcement in the near future.
Based in Dublin, the group publishes The Irish Times, the Examiner and Echo titles based in Cork, and a number of regional publications. It also owns property website MyHome.ie.
