Sales slip at the firm behind Irish Farmers Journal as its readers face 'considerable uncertainty'
The trust that owns the weekly newspaper is also battling with ‘major changes’ in media.
THE AGRI PUBLISHING trust behind the Irish Farmers Journal weekly newspaper reported a loss last year at a time when its readers are facing “considerable uncertainty”.
Newly filed accounts show that the Agricultural Trust – which also publishes equestrian sports paper the Irish Field and Irish Country Magazine – reported a loss of nearly €50,000 in the year to the end of June 2017.
It booked a €366,000 profit during the same 12-month period prior.
Sales at the company also took a hit during the financial period, dropping slightly from just over €16 million in 2016 to roughly €15 million last year. The group is still sitting on an accumulated profit of almost €6 million.
According to the directors’ report accompanying the Agricultural Trust accounts, difficulties in the Irish farming sector – particularly “considerable uncertainty and challenges due to Brexit” - is having a knock-on effect on the company.
This is in addition to what its directors describe as “major changes” in the publishing world, namely the migration of print advertising revenue to online media.
“Reading habits are changing. There is an inexorable drift away from traditional newspapers to various forms of digital publishing. News is more immediate than ever,” the directors report said.
“These changes are challenging for the company at various levels. They do not only challenge how and when we publish but also traditional publishing business models.”
‘Competitive threats’
Directors Matt Dempsey and Mike Magan also stated in the accounts that the Agricultural Trust has a “clear strategic vision” to help the business bounce back.
They said the publishing outfit wants to “continue to be a force for positive change in Irish agriculture and enhance the competitiveness of Irish farming and the well-being of those engaged in the sector”.
The group – which is “acutely aware of the competitive threats” facing its business – is looking at ways to protect “income sources wherever possible and grow new ones”.
“We are intimately embedded in the world of digital content and communications. We are investing in various sections of our business in order to continue to provide the best service we can and to protect all aspects of our business,” it said.
“We hold a dominant position in agricultural publishing in Ireland. We intend to maintain this dominant position during these current challenging trading conditions.”
According to the accounts, an average of 93 employees were employed in management, admin, editorial and sales roles, 10 more than in 2016. Wages and salaries were worth roughly €53,790 per head.
Established in 1964, the Agricultural Trust’s directors don’t receive remuneration for fulfilling their roles. All profits are invested back into the publishing business.
