The Irish Press Group has reported pretax losses of €373,000 for 2004, mainly due to a goodwill write-off associated with Thom's Dublin street directory. Emmet Oliver reports.

The company's turnover was up slightly from €1.7 million to €1.8 million with gross profit rising from €1.1 million to €1.2 million.

The company was forced to allow for a €202,000 goodwill write-off associated with Thom's. The company said the directory might not be published in future years because of problems compiling the data.

The company has also announced that long-serving chairman Vincent Jennings has stepped down from his position and will be replaced by Eamon de Valera. Mr Jennings had been chairman of the company since 1992 in what the annual report describes as "very difficult circumstances".

According to the annual report, the company had retained losses for the financial year of €589,000, up from €166,000 the year before, an increase of over 250 per cent. Despite the rising losses, the company retains about €6.2 million in financial assets on its balance sheet.

The three directors of the company - Mr Jennings, Mr de Valera and Jim Lenehan - shared emoluments totalling €195,000 for acting as directors and for managing group companies. Staff costs rose from €1.1 million to €1.2 million, with the average number of employees during the year standing at 36.

The company proposes to pay a dividend of 15 cent per share, unchanged from 2003. This will cost the company about €130,000 the accounts state.

Based on his 464,803 shares in the company, Mr de Valera stands to receive just over €69,000 in dividends.

In the accounts, Mr de Valera points out it is 10 years since the Irish Press ceased publication. "It is a matter of continuing disappointment to the directors that it has not proved possible to publish at least one of the titles."

The company retains several media and publishing businesses, including Irish Press Archives and Irish Press Media.

The company also holds a 59 per cent share in County Tipperary Radio Limited, which operates as Tipp FM. The accounts say the station is performing well and now broadcasting to the whole of Tipperary.

The accounts conceded that challenges are likely to come from new radio stations in the future.