Golden Pages forced to adapt as print revenues decline

Despite challenges it faces, FCR Media has returned to profit...

Golden Pages forced to adapt as print revenues decline

Picture by Elaine Thompson AP/Press Association Images

Golden Pages publisher FCR Media enjoyed pre-tax profits of €2.43 million in 2015, returning to the black against the odds as it restructured to ensure its long-term viability.

The positive pre-tax news came even though the company recorded a 10% decline in gross profit, dropping from €11.25m to €10.16m for the year, and reversed the €1m pre-tax loss suffered in 2014.

The newly-released accounts state:

"Although 2015 has been a challenging year with recognised revenue down 7% on 2014, we have seen continued growth from our online and digital offering – up 7% on 2014 and positive feedback from new and existing customers to our new digital product range."

Print revenues continued to decline in line with expectations, falling 6% on the year previous.

FCR is now focusing on its online and digital marketing strengths, with over half of its 2015 revenues coming from these areas.

That same year, FCR Media restructured its organisation to deal with the waning popularity of the physical Golden Pages. This involved laying off 7% of its staff, with 119 people employed there following redundancies.

Its new business model is also based on lower revenues and lower costs. It also closed a defined benefit scheme to new members.

Directors' remuneration dropped from €454,000 to €406,000.

FCR Media has a deal with eir to publish the eircom Phone Book for 2017.