The Irish Press group slid into the red last year, reporting an after-tax loss of €24,000 for 2006 compared to profits of €240,000 the previous year.  Caroline Maddenreports.

In the group's annual report published yesterday, chairman Eamon de Valera attributed the sharp decline in profitability to the decision to defer publication of Thom's Dublin Street Directory until September of this year.

The costs associated with setting up Minotaur Business Research Systems Ltd, a market research company in which the Irish Press has a majority interest, was also a contributory factor. However, Minotaur has applied to patent a market research system, and is expected to achieve profitability by 2008.

TippFM, in which the group also owns a majority stake, performed strongly in 2006, boosted by buoyant advertising revenues.

Despite increasing competition, the station continues to have the highest listenership in Co Tipperary.

Mr de Valera said that investment income had exceeded expectations in 2006. The value of the group's financial investments increased by €733,000 - or more than 10 per cent - to €7.37 million over the year.

However, Mr de Valera warned that he expects a "rather more modest performance" this year.

The three company directors, Mr de Valera, Vincent Jennings and JA Lenehan, were paid a total of €195,000 last year, down slightly from €197,000 in 2005.

A dividend of 15 per cent per share has been proposed by the directors.

The annual report also revealed that the group acquired an option earlier this year on a Spanish radio station which has applied for a new broadcasting licence.

Despite investigating a number of other investment opportunities, it was decided not to pursue these any further.