Pre-tax losses at the firm that operates the Premier Sports TV pay business last year declined by 63 per cent to £1.05 million (€1.2 million) on the back of an increase in subscriber numbers.
New accounts show that pre-tax losses narrowed sharply at Mickey O'Rourke's Premier Media Broadcasting Ltd after revenues surged by 33 per cent from £19.2 million to £25.58 million.
The main activity of the Dublin-registered business is the provision of sports programme services in Ireland and the UK.
Premier Sports here broadcasts live Saturday afternoon Premier League games while it also has the rights here and in the UK to La Liga matches in Spain featuring the likes of soccer giants Barcelona and Real Madrid.
The pre-tax loss of £1.05 million for 2021 followed pre-tax losses of £2.83 million in 2020.
The directors state that they are satisfied with the results and that revenues rose “due to an increase in subscriber numbers”.
On the 2021 performance, the directors’ report states “the directors believe the company performed in line with post Covid financial projections”.
The company last year recorded operating losses of £658,489 and interest payments of £397,434 resulting in the pre-tax loss of £1.055 million.
Numbers directly employed by the firm last year reduced by one from 20 to 19 as staff costs increased from £576,444 to £757,813.
The pre-tax loss takes account of combined non-cash depreciation and amortisation costs of £202,096 while the interest payments of £397,434 included £81,826 ‘interest on overdue tax’.
Addressing the firm’s going concern status, a note attached to the accounts states that the judgements used by management in preparing budgets and cash flows include that sales growth will continue and the ongoing management of the firm’s cost base will adequately safeguard the firm’s cash reserves.
The company’s cash funds last year decreased marginally from £558,760 to £550,624 as the firm’s shareholder deficit increased from £11.43 million to £12.49 million.
