Irish Press plc has recorded a pre-tax loss of £137,000 (€174,000) in the year ended March 31st, 1999 compared with a profit of £1,262,000 in the previous year. The group had a large gain from the sale of investments and an exceptional gain in 1997-98 which improved the previous year's figures. Irish Press had offered to buy back 100,000 of its shares at 250p each. Shareholders representing 53,699 shares, or a little over half, availed of this offer. Chairman Mr Vincent Jennings said he was happy that a large number had decided to avail of the offer.

He said he was also happy that others did not, and decided to stay with the company.

The offer represented 11 per cent of the equity. The directors, including the managing director and secretary, Dr Eamon de Valera, who had a controlling 50.4 per cent stake, decided not to accept, and if these are excluded, the offer represented 22 per cent.

The bought-back shares are now held as treasury shares and represent 5.8 per cent of the original equity.

The latest results show a fall in the net gains on disposal of investments from £1,131,000 to £176,000. However, interest income and income from investment rose from £126,000 to £209,000.

These revenues barely covered the general expenses which rose from £341,000 to £376,000. The group has made full provision "as a matter of prudence" against the assets of Irish Press Archives (formerly Sarzeau), owner of the newspapers archives, acquired from Irish Press Newspapers, now liquidated.

This led to a goodwill of £68,000. There was also a loss of £77,000 from acquired activities. These, together with interest payable of £81,000, led to the loss at the pre-tax level.

However, the group, whose only assets are investments and cash, remains in a strong financial position.

Financial assets with a book value of £1,077,000 have a market value of £1,631,000. It also has cash of £2,788,000, up from £2,550,000.

The group's 75 per cent-controlled subsidiary, Irish Press Publications, which owns the newspaper titles, owes £1 million to Independent Newspapers plus £301,720 in accrued interest.

Irish Press received two approaches for the titles, but no offers were received.

"The future of the newspaper titles is kept under review" but Mr Jennings said "no proposals are under active consideration at present".

The annual report also shows a rise in directors' (Mr Jennings and Dr de Valera) remuneration from £83,000 to £98,000.

The £15,000 increase was paid to Mr Jennings as consultancy fees "with regard to a number of projects" according to Mr Jennings in his statement to shareholders.

Since the year end, Irish Press acquired a 30 per cent interest in County Tipperary Radio for £257,000.

"This investment is part of a developing strategy to acquire significant holdings in profitable media-related business," said Mr Jennings. "TippFM is one of the country's most successful local radio stations" and the "directors are confident that the investment will prove to be worthwhile".

The group is continuing to seek "substantial damages" from investment banking group, E.M. Warburg Pincus & Co International, and others, on the representations made to it in relation to the investment by Ingersoll.

"A pre-hearing issue has yet to be disposed of prior to the fixing of a date for the hearing of the action," Mr Jennings said.