Companies

Profits at Web Summit parent company plunge more than 90%

Manders Terrace, the parent company of Web Summit, saw its profit margins slashed to less than 1 per cent as wages and other costs surged

Paddy Cosgrave resigned as a director in Manders Terrace during 2023. Photo: Bryan Meade

Profits at Web Summit’s parent company have plunged amid a steep rise in wages and administrative expenses, according to the company’s latest accounts.

Documents filed in the Companies Registration Office show that Manders Terrace Ltd recorded an after tax profit of €114,166, down 97 per cent on the €3.8 million net profit made by the company in 2021.

Overall turnover at the Web Summit parent firm stood at €52.5 million, up 65 per cent from ...