PRETAX LOSSES at Irish Press plc multiplied in 2010 to €1.92 million “in a very difficult year” for the company.

According to accounts just filed at the Companies Registration Office, revenues from publishing and media activities declined by 13 per cent to €3.3 million from €3.8 million.

The group controls Tipp FM and the M+C medical marketing company.

In his statement to shareholders, chairman and chief executive Eamon de Valera said “a most disappointing trading performance by M+C together with a further writedown of financial investments combined to result in a loss for the financial year”.

The figures show the group’s performance was hit by €481,000 in impairment on investments. The pretax loss last year of €1.92 million compared to a pretax loss of €658,000 in 2009.

At the operating level, losses jumped from €376,000 to €1.39 million.

In his statement, Mr de Valera said prospects for the current year “are much improved and a basis has been laid for recovery in 2012”.

“Since year end, the group has taken full control of M+C. Turnover has increased and is projected to be over 20 per cent higher than last year. Overhead costs have been reduced significantly. As a result, there has been a large reduction in the loss to date in 2011 and M+C is expected to be in profit next year.”

Mr de Valera said Tipp FM had benefited from very tight control of expenditure and had traded very close to break-even in “extremely challenging market conditions, despite the added burden of the broadcasting levy”.

Mr de Valera conceded “the timing of the initial investment in M+C and the purchase of 5/7 Clanwilliam Terrace seems unfortunate with hindsight, but the economic collapse following the banking crisis was unforeseen”.

He added: “The directors are steadfast in their determination to take all necessary steps to ensuring the future success of the business.”