Losses at the Business Post media company climbed almost 54 per cent in 2023, but the group expects to be profitable and cash generative in both 2025 and 2026, its latest set of accounts show.
The company made a loss before tax of €552,582 for the year, which was up from a loss of €359,184 the year before.
It also had a net liability position of €2.6 million, which was up from €2 million. The directors did not recommend the payment of a dividend.
Turnover shrank from €8.6 million to €8.3 million, although the cost of sales also came down from €6.6 million to just under €6 million.
The group’s headcount was reduced by one to 69 staff. Redundancy and severance payments amounted to €163,743.
The accounts also show the group owes Revenue almost €1.5 million in warehoused debt. It has agreed a payment plan that will see the money paid over a seven-year period from May 2024 to May 2031.
“Over the last number of years, the company’s immediate parent company has been investing in complementary businesses to create a modern, data-driven, and fully integrated media platform built around the Business Post brand,” the group said.
“During the year, Bonnier News AB of Sweden made a strategic minority equity investment in the Business Post Group with the objective of accelerating the pace of digital transformation and delivery of the Business Post Group’s strategic objectives.”
The company said it “further strengthened” its data and insights division and presence in the UK market with the acquisition of Relish Research in August 2023 to complement the Red C group acquired in the prior year.
“Management believes that significant synergies can be leveraged to build further customer value from new data-based products, developed from strong research capabilities and enhanced corporate conferences and business events,” it said.
Looking forward, the company said it “continues to address” the decline of print media by transitioning from a weekly Sunday newspaper targeting a business to consumer audience to a business information and news service focused on a business to business audience.
“The strategy involves shifting from single-copy newspaper sales via retail to selling bundles of digital subscriptions directly to corporate clients,” it said.
“This new approach aims to provide exclusive news and information, positioning the Business Post as an essential read for business professionals.”
The group said its future as a going concern is secure as its parent has committed to provide funding to ensure the company can meet all financial obligations as they fall due for a period of not less than 12 months.
