Property sector recovery helps lift revenues at Daft Media

The company behind Daft.ie recorded an 8 per cent jump in revenues to €8.2 million last year on the back of a recovery in the residential property sector and continued pressure in the rental market.

Revenues at Daft Media Limited rose from €7.6 million in 2015 in a trend that directors at the company said they expect to continue for the foreseeable future.

Brothers Eamonn and Brian Fallon set up the property portal in 1997. They also founded Journal Media Limited - the company behind the news site TheJournal.ie - and are also directors of Distilled SCH Limited.

The latter is a group established in 2015 after Daft.ie operations, and that of sister company Adverts.ie, were merged with Schibsted Media's DoneDeal.ie.

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Newly filed accounts show Daft Media Limited, which “provides services related to the advertisement of residential and commercial properties” returned to profit lin 2016, reporting a €2.6 million pretax profit compared to a €2.5 million loss ia year earlier.

The 2015 loss was due to the writing off of monies owed to the company from related companies.

Operating profit at Daft Media fell to €2.6 million from €3 million a year earlier in 2016 as administrative expenses rose to €5.06 million from €4 million.

The directors declared and paid a €1.17 million dividend following the year-end, the accounts show.

Last year, 44 people were employed by Daft Media Limited, as against 39 in 2015. Staff-related expenses, including wages and salaries, topped €3.1 million last year, compared to €2.8 million in the prior year.

Daft Media is a subsidiary of Distilled SCH. Recently filed accounts for the parent, whose principal activity is the provision of advertising services, show it reported a €1.5 million pretax loss last year. This compares to a €1.3 million loss for the six months to the end of December 2015.

Group turnover totalled €22.4 million last year, versus €10 million for the prior six months. Administrative expenses totalled €21 million while cost of sales were €2.2 million.

Distilled SCH employed 141 people in 2016 with staff-related costs of €9.3 million.

Journal Media and Distilled SCH last year announced an advertising partnership to unite commercial sales across TheJournal.ie, Daft.ie, Adverts.ie and DoneDeal, as well as TheJournal’s offshoots The42, DailyEdge and Fora.