The Sunday Business Post has published results for the year to the end of June 2015 which show a profit of €78,800 for the year. This compares with a loss of €628,273 for the previous year and marks a significant turnaround in the paper’s fortunes.
Indeed, this is the first time in a number of years that the company has recorded a profit and follows the examinership process it underwent back in 2013 after which it secured new investment as well as a new management team.
“The team at the Sunday Business Post have worked amazingly hard to achieve this performance and we are on course to record increased profits in the current year,” says Paul Cooke, the chief executive of Post Publications, the company which publishes the weekly title.
According to Cooke, the company’s turnaround is attributable to a number of factors including “double digit year-on-year growth in advertising revenues” despite a difficult print advertising market as well as a stabilisation in circulation decline. In addition, cost-control measures and an expansion of the paper’s conference and events division also played a role in the turnaround.
Cooke, who along with Key Capital, is a shareholder in the company, added that “the results prove the quality of the brand and also the value which readers and advertisers place on quality independent journalism, particularly in an era where media ownership is consolidating.”