A doubling of administrative expenses has led to a sharp rise in losses at Irish Press plc, with losses of £396,000 for the year to last March compared to £137,000 the previous year.

The former newspaper publisher, whose assets now are the Thoms Directories business and a 30 per cent stake in the local radio station Tipp FM in Tipperary, had turnover of £153,000.

Thoms Directories accounted for all the turnover and the interest in Tipp FM was treated as an associate and so was not included in the turnover figure.

The Thoms business, generated operating profits of £98,000. Investment income of £378,000 was marginally lower than in the previous year.