Newly filed accounts for Business Post Group Ltd reveal that the losses accompanied a 64% surge in revenues, which rose from €12.36 million to €20.33 million.

The group, known for publishing the Business Post print and digital newspaper, also operates in market research and public opinion polling through Red C and UK-based insights provider Relish Research.

The sharp revenue increase was attributed to the first full-year contribution from Red C, acquired for €7 million in September 2021.

Since acquiring The Sunday Business Post through his Kilcullen Kapital investment platform in 2018, group CEO and publisher Enda O’Coineen has overseen the company’s growth, including six additional investments and partnerships.

The directors’ report notes that the rise in losses was “primarily driven by one-off advisory costs related to acquisitions.” They also highlighted that revenue growth in 2022 stemmed from organic growth and Red C’s full-year contribution.

EBITDA increased by 36% to €755,003. While, operating loss totalled €267,204, compared to a €38,987 operating profit in 2021, largely due to depreciation and amortization charges doubling to €1.022 million.

Finance costs rose by 158.5%, from €217,210 to €561,941, while a non-cash investment impairment of €109,438 also contributed to pre-tax losses.

Exceptional costs of €238,022 included €78,052 in redundancy payments related to editorial restructuring and €132,164 for the Digital Transformation Project. This was significantly lower than the €595,485 exceptional cost in 2021, primarily tied to the Red C acquisition.

The directors stated the group’s strategy is focused on growing revenues and mitigating risk by investing in complementary sectors alongside its flagship Business Post brand.

Through acquisitions, organic growth, and technology investment, the group has transitioned from a traditional media company into a data-driven insights and services provider.

They expressed confidence in the long-term strategy, highlighting opportunities in data-driven digital products and services. Future growth is expected across the group’s subsidiaries.

Employment increased slightly from 186 to 188, with staff costs rising significantly from €6.03 million to €10.41 million.

Directors’ salaries and fees totalled €128,967.

The €7 million acquisition of Red C included €4.55 million in cash, with the remaining €2.45 million contingent on performance targets, which the directors believe will be met.

Recent acquisitions include Digital DNA for €85,877 in 2021, Relish Research for £2.5 million in August 2023, and the remaining 50% share in Smart Speakers Ireland for €100,000 in September 2023.

In July 2023, the Business Post Group secured a €6 million minority investment from Sweden’s Bonnier News. The directors anticipate that Bonnier’s expertise in digital transformation will positively influence the group’s digital publishing strategy.