Di­rec­tors happy de­spite Sto­ry­ful losses

Irish Independent - - Business - Gor­don Dee­gan

EX­PAN­SION costs at the on­line news agency es­tab­lished by for­mer RTÉ pre­sen­ter Mark Lit­tle con­trib­uted to ac­cu­mu­lated losses at the firm more than dou­bling to €15m.

Sto­ry­ful was pur­chased by Ru­pert Mur­doch’s News Corp for €18m in De­cem­ber 2013 and new abridged ac­counts for Sto­ry­ful show that ac­cu­mu­lated losses jumped from €6m to

€15.1m in the 18 months to the end of June last. Num­bers em­ployed by the firm al­most dou­bled dur­ing the pe­riod, go­ing from 54 to 100, with staff costs in­creas­ing al­most four-fold to

€12m.

In the year un­der review, Sto­ry­ful an­nounced a ma­jor ex­pan­sion, con­firm­ing that it has in­vested more than €10m into the com­pany since the ac­qui­si­tion. It now has of­fices in Dublin, Sydney, New York City, Hong Kong and counts Google, Coca Cola, ABC news, AT&T among its clients.

A note at­tached to the ac­counts state that the di­rec­tors have con­sid­ered the losses to date and re­port that they are sat­is­fied that ap­pro­pri­ate mea­sures have been taken to bring about the com­pany’s prof­itabil­ity.

Founded in 2010, the com­pany started out as a dis­cov­ery and ver­i­fi­ca­tion ser­vice for the so­cial news space and to­day has di­ver­si­fied to serve three dis­tinct mar­kets: news me­dia com­pa­nies; cor­po­ra­tions and gov­ern­ment agen­cies search­ing for so­cial me­dia in­tel­li­gence; and brands and ad­ver­tis­ing agen­cies in need of so­cial video con­tent for mar­ket­ing cam­paigns.

In a post bal­ance sheet event, the com­pany used a cash in­jec­tion of €7.2m to pay off debt owed to group undertakings.

Ru­pert Mur­doch’s News Corp bought the on­line news agency es­tab­lished by for­mer RTÉ pre­sen­ter Mark Lit­tle, above

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