Turnover at Independent Star falls 20%
Turnover at Independent Star, the company that publishes The Irish Daily Star, fell by 20 per cent to €32.9 million in 2011 according to recently filed accounts.
The publisher, co-owned by Independent News and Media and Richard Desmond’s Northern Shell, also saw its profit fall by 63 per cent to €1.44 million in the same period.
The company shed 20 staff in 2011, bringing its employment to 118. This resulted in the company taking a charge of €2.3 million, mainly in redundancy payments.
A one-off payment of €550,000 was made to former managing director Paul Cooke, who stepped down from the company in November.
The company paid a reduced dividend of €1,900 per share, down from €4,550 per share in 2010.
The Irish Daily Star recently courted international controversy when it published topless photographs of the British Duchess Of Cambridge, Kate Middleton. Richard Desmond threatened to close the Irish Daily Star down as a result of the photos’ publication.
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