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RTÉ News
22-05-2025
- Business
- RTÉ News
Staff at Storyful share bonus payments of €1.07m over two years as losses narrow
Staff at the Rupert Murdoch-owned Dublin-headquartered social media intelligence and online news agency, Storyful have shared bonus payments of €1.07m over the past two years. New accounts show that staff at Storyful Ltd shared a "staff bonus" of €556,958 in the 12 months to the end of June last and this followed a bonus payout of €515,135 in 2023. The News Corporation-owned Storyful Ltd accounts show that pre-tax losses at the business last year narrowed by 14% from €3.08m to €2.66m. The business reduced its losses as revenues decreased by 18% from €4.19m to €3.44min the 12 months to the end of June last. 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 stress 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 €5.23m to €4.64m and the directors state that "these expenses continued to be tightly controlled and are driven primarily by payroll costs and amortisation". The business last year recorded the pre-tax losses after booking combined non-cash depreciation and amortisation costs of €684,404. The loss 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. The firm did benefit 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 and three in sales and marketing. Staff costs - that included the bonus payment of €556,958 - last year totalled €5.8m that was an increase on the €5.69m paid out in the prior year. Former RTE Primetime presenter Mark Little set up the company in 2010 and Mr Little and the company's investors sold it to News Corp for €18m 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. The note states that funding provided by and available from the shareholder is sufficient to enable the company to meet its liabilities as they fall due. The pay package for directors increased from €868,656 to €925,928, which was made up of remuneration of €731,907, €160,071 under long term incentive plans and €33,950 in pension contributions. At the end of June last, accumulated losses of €58.52m were offset by the share premium account of €59m and called up share capital of €392,075 - resulting in shareholders' funds of €908,278.
Irish Independent
07-05-2025
- Business
- Irish Independent
Revenues at Rupert Murdoch-owned Onic radio group increase by almost €1m
New accounts filed by the Rupert Murdoch-owned Wireless Radio (ROI) Ltd show that the increase in revenues coincided with pre-tax losses narrowing slightly from €2.78m to €2.74m in the 12 months to the end of June 30 last year. The directors state that 'digital revenues in particular delivered significant growth in the period and we continue to invest in this area to promote future growth'. Wireless has recently rebranded as Onic and also owns LMFM, Limerick's Live 95FM and FM104 in Dublin. Accounts show that group earnings before interest, tax, depreciation and amortisation (Ebitda) increased slightly from €2.7m to €2.73m. Directors state that the impact of the increased revenue in the year on Ebitda has been offset by an increase in the operating costs during the year. The News Corporation-owned group last year recorded post-tax losses of €1.16m after recording a corporation tax credit of €1.58m. The directors' report states that 'throughout the financial year the directors have continued to monitor the impact of the increased cost-of-living crisis along with other ongoing economic conditions'. Onic 'has continued to operate successfully through these issues and will continue to meet further challenges head on'. The directors state that the group's local stations deliver significant listenership in their respective franchise areas and combine to offer a 'quasi-national urban-targeted commercial proposition'. 'Economic conditions were difficult during the period, compounded by the war in Ukraine and the ongoing challenges of spiralling cost-of-living increases,' said the directors. 'In spite of these challenges, however, the company continues to benefit from improving revenue performance and we commend the hard work and dedication of our loyal staff base throughout the period under review.' Numbers employed by the group last year increased from 225 to 235 as staff costs decreased from €11.81m to €11.62m. Directors' pay totalled €271,000. The group's combined non-cash depreciation and amortisation costs last year totalled €5.47m. Its operating lease costs totalled €998,000. At the end of last June, the group had a shareholders' deficit of €11.79m. This was made up of accumulated losses of €55.36m offset by share capital of €43.56m The group's cash increased from €1.45m to €1.83m.
