Pretax profits at local newspaper publisher Formpress Publishing rose to almost €1.7 million in the year to the end of September 2023, according to accounts just filed with the companies office.
The profit of €1.69 million represented a rise of 54 per cent on the pretax profit of about €1.1 million recorded in the previous 12 months.
Turnover rose 15 per cent to €11.7 million, the accounts for Formpress Publishing Limited show, while the profit after tax of €1.37 million compared to a sum of about €873,000 the year before.
Formpress Publishing, part of Iconic Media group, owns around 20 local and regional newspaper titles, making it the biggest regional newspaper publisher in the State. Its titles include the Mayo News, Kilkenny People, Leinster Leader, Limerick Leader, Derry News, Dundalk Democrat, Donegal Post, Leitrim Observer and the Midland Tribune.
The company employed an average of 142 people during the 12 months, up from 139 the year before.
At the end of the financial year, Formpress had assets of €16.6 million, similar to the year before, and liabilities of €1.8 million, down from €3.2 million. The net assets of the company increased by about €1.37 million over the period.
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In October this year, the Competition and Consumer Protection Commission gave the go-ahead for Formpress Publishing to purchase D&D Media, owner of the Inishowen Independent. The deal is now subject to further approval by the minister for media.
The company is also understood to be interested in acquiring the Connacht Tribune following a move by the families behind the Connacht Tribune Group to seek buyers for its assets, which also include Galway Bay FM.
Iconic is, in turn, part of London-based marketing group Media Concierge and is ultimately owned and controlled by British businessman Malcolm Denmark.
Mr Denmark’s Media Concierge last week agreed a deal in the UK to take over Scotsman and Yorkshire Post parent, National World.
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