Golden Pages firm returns to black on business model
In 2015, FCR Media Ltd restructured, which involved laying off 7% of its workforce here.
After the redundancies took place, FCR Media employed 119 people.
According to the directors’ report, FCR is repositioning itself with a revised business model, based on lower revenues and lower costs.
“It is receiving the support from its parent shareholder as it strives towards profitability,” the directors say.
The new accounts show it returned to pre-tax profits even as gross profits fell 10% to €10.16m. It had a pre-tax loss of €1m in 2014.
“Although 2015 has been a challenging year with recognised revenue down 7% on 2014, we have seen continued growth from our online and digital product offering — up 7% on 2014 and positive feedback from new and existing customers to our new digital product range,” according to the accounts.
“As expected, our print revenues have continued to decline by 6% on 2014.”
In 2015, FCR generated over half of its revenues from online and digital marketing.
The directors say FCR continues to evolve its business model.
The report says it signed a new two-year contract with Eir that allows FCR Media to publish the Eircom Phone Book for 2017.
In 2015, its closed its defined benefit scheme to new members. The directors say FCR agreed to a schedule to contribute pension payments over 10 years amounting to a total of €3.7m.
Staff costs at FCR last year increased from €7.35m to €7.45m.
Directors’ remuneration last year fell from €454,000 to €406,000.
At the end of 2015, FCR had accumulated profits of €3.54m. Its cash more than tripled to €667,000.
