Business Post reduces pre-tax loss to € 215,000 despite the impact of the pandemic

The company behind the newspaper and website Business Post cut its losses in 2020 by limiting the drop in revenue to 1.7% despite the impact of Covid-19 on its event business.

Post Publications Limited suffered a pre-tax loss of € 215,420 in the year the pandemic hit, which compares to a loss of € 526,507 in 2019, when it had higher one-off costs, according to the accounts which have just been filed with the Companies Office.

The company said the business environment for most of the year was “very difficult,” but a strong performance in the fourth quarter helped it secure annual revenue of just over 7 million euros.

In a note accompanying Post Publications’ 2020 accounts, administrators said revenue from its Sunday newspaper circulation and digital subscriptions saw “strong growth” in the year compared to 2019 as consumers “were looking for high-quality, fact-verified journalism. about the pandemic.”

While advertising revenues were “negatively affected” by the economic shutdown in the second and third quarters, they “rebounded strongly” in the fourth quarter.

Similar trends for direct consumer income and advertising have been reported in the Irish media market.

Following the loss in 2020, La Poste’s accounts show a shareholder deficit of € 1.92 million.

The company, which is owned by Kilcullen Kapital Partners of businessman Enda O’Coineen, is also active in conferences and other corporate events. He was forced to cancel them throughout the spring and summer, but the investment in a digital streaming platform allowed him to start hosting virtual events from September 2020.

Digital project

Some elements of a two-year digital transformation project that began in 2019 have been ‘on hold’ during the pandemic, with the company instead focusing on moving towards work-from-home practices and lockdown business terms, the administrators said.

“Given some of the product building blocks put in place in 2020, management believes the company is well positioned to return to profitability ahead of one-off items in 2021,” the directors said.

The company – which employed an average of 70 people in 2020, up from 74 the previous year – took advantage of the government’s Covid-19 Temporary Subsidiary Salary Scheme (TWSS) between April and August 2020 and also subscribed to an approved Commissioners scheme. to taxes for “” warehouse tax payments for 2020.

The Business Post is chaired by Managing Director Colm O’Reilly, who is the current chairman of the Newsbrands Ireland trade body, while Richie Oakley has served as the publication’s editor since mid-2019. Prior to November 2019, the newspaper was known as the Sunday Business Post.

The group last year acquired Irish and UK market research firm Red C, its longtime partner in political polls.

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