Irish Press plc has reported a pre-tax loss of €42,000 for the year ended December 31st, 2003, and signalled its intention to begin a share buyback.

The company has reversed a pre-tax loss of €563,000 reported for the nine months ended December 31st, 2002. The results for 2003 were helped by an exceptional item of €193,000.

Chairman Mr Vincent Jennings said this was accounted for by a partial reversal of previous write-downs of quoted investments.

He said he was pleased to report these write-downs had proven to be "overly conservative".

The directors of the company - Mr Jennings, Mr Eamon de Valera and Mr J.A. Lenehan - are proposing a dividend of 15 cents per share. Based on his shareholding, Mr de Valera would stand to make a gain of almost €70,000.

The three directors also shared total emoluments of €185,000, for work as directors and also for management of group companies.

The company said the cost of paying a dividend and a share buyback could amount to €580,000.

The company is proposing to buy back 60,000 shares at a price of €7.50 per share.

If more than 60,000 shares are offered to the company, preference will be given to those who hold 30 shares or less.

An a.g.m. to re-elect directors and declare a dividend will take place on September 3rd in the Davenport Hotel, Dublin. The resolutions concerning the share buyback will be proposed at an e.g.m. following that meeting.

One of the company's main assets, its 59 per cent stake in Tipp FM, was given a boost during the year under review when the station was awarded a 10-year licence for all Tipperary.

"Tipp FM has undergone management changes with a new chief executive and programme controller," said Mr Jennings in the annual report and financial statements.

"There is a highly skilled and highly motivated team in place and there is every reason to believe that the investment by this group will be handsomely repaid."

The company also owns Thoms Street Directories and has property interests invested in a company called Corduff Investments Ltd.