Profits rise at McWilliams’s media company

Accumulated profits at the media company operated by economist David McWilliams increased to €627,705 last year, latest accounts show.

This represented an increased of €35,483 in the 12 months to the end of March 2018, according to accounts for Iconic Media Ltd.

The cash pile at the company declined from €200,050 to €95,064 during the same period, while pay to directors rose from €83,449 to €286,000 during the year.

The increase in pay is largely accounted for a pension contribution of €150,000 for directors last year after a zero pension contribution in the prior year. Overall pay to directors was made up of €136,000 in remuneration and €150,000 in pension contributions.

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The accounts state that the assets of the defined-contribution pension scheme are held separately from those of the company in an independently administered fund.

At the end of last March, the company owed €154,077 to Mr McWilliams, who is a columnist with The Irish Times.

The value of the company’s investments decreased marginally from €721,161 to €713,661 last year.

Ranked the 10th most influential economist in the world, McWilliams is also active on social media with 245,900 followers on Twitter.

McWilliams's latest book, Renaissance Nation, follows on from the success of earlier titles The Pope's Children, Generation Game and Follow the Money.