Thomas Crosbie Holdings (TCH), which owns the Examiner newspaper and 13 other titles, has reported a 50 per cent increase in operating profits.
In the year to last December 26th, operating profits before interest and tax were €10.1 million, compared to €6.7 million in the same period for 2003. Turnover was up to €84 million, from €76 million in 2003, an increase of over 10 per cent.
The company benefitted in 2004 from the sale of its Academy Street premises in Cork, which provided a boost of €36.6 million. When this exceptional item was taken into account, the company posted pretax profits of €45.2 million, compared to €6.3 million in 2003.
TCH has rejected the idea of selling the company - at least for now - and is concentrating instead on further acquisitions. "We are committed to expansion through organic growth and acquisition, and our strong financial position ensures that we will compete for any suitable media assets coming onto the market," said managing director Anthony Dinan.
Borrowings in the period were reduced to €2 million, from €15 million, with shareholders' dividends rising to €5.1 million from €3 million.
Remuneration for the group's six directors rose 40 per cent to €892,000 from €632,000.
The recent purchase of the Leinder Leader group for €136 million by UK publisher Johnston Press has raised the valuations of all newspaper groups. Based on the multiples in that deal, Thomas Crosbie Holdings could be worth €550 million.
But a sale was not on the agenda now said Mr Dinan.
If the directors decided to sell the company, the beneficiaries would be members of the Crosbie family and Mr Dinan.
Apart from the Examiner, the company also owns the Evening Echo, the Sunday Business Post, the Irish Post in London, the Waterford News and Star, the Western People, the Sligo Weekender, the Kingdom, the Newry Democrat, the Down Democrat, the Nationalist and Leinster Times, the Kildare Nationalist, the Laois Nationalist and the Roscommon Herald.
It also has shareholdings in Red FM and Midwest Radio.
