Staff at the Rupert Murdoch-owned social media intelligence and online news agency Storyful have shared bonus payments of €1.07 million over the past two years.
New accounts show employees shared a “staff bonus” of €556,958 in the 12 months to the end of June last, which followed a bonus payout of €515,135 in 2023.
Accounts for the Dublin headquartered Storyful Ltd show pretax losses last year narrowed by 14 per cent from €3.08 million to €2.66 million.
The business reduced its losses as revenues decreased by 18 per cent from €4.19 million to €3.44 million in the 12 months to the end of June last.
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The Irish unit recorded the losses as the company “continued to expand services for media, brands and social platforms and made investments in the product and technology departments”.
The directors stressed that not all of Storyful’s global revenue figures are included in these results “and therefore this report should be interpreted only with respect to Storyful Ltd”.
The firm’s administrative expenses reduced from €5.23 million to €4.64 million. The directors said that “these expenses continued to be tightly controlled and are driven primarily by payroll costs and amortisation”.
The business last year recorded the pretax losses after booking combined non-cash depreciation and amortisation costs of €684,404.
It also takes into account a loss of €60,366 in exchange differences and restructuring costs of €32,869. The firm’s lease costs increased from €334,854 to €408,847. It benefited from an R&D tax credit of €58,937.
Numbers employed decreased from 66 to 64 with 31 in editorial; 18 in technology and development; 12 in general and administration roles and three in sales and marketing.
Staff costs – that included the bonus payment of €556,958 – last year totalled €5.8 million, an increase on the €5.69 million paid out in the prior year.
Former RTÉ Prime Time presenter Mark Little set up the company in 2010. He and the company’s investors sold it to News Corp for €18 million in December 2013.
A note attached states that the directors have considered the losses to date and report that they are satisfied that appropriate measures have been taken to bring about the company’s profitability.
It says funding provided by and available from the shareholder is sufficient to enable the company to meet its liabilities as they fall due.
