STAFF AT THE Rupert Murdoch owned Dublin headquartered social media intelligence and online news agency Storyful have shared bonus payments of €1.07m over the past two years.

New accounts show that staff at Storyful Ltd shared a ‘staff bonus’ of €556,958 in the 12 months to the end of June last and this followed a bonus payout of €515,135 in 2023.

The News Corporation owned Storyful Ltd accounts show that pre-tax losses at the business last year narrowed by 14% from €3.08m to €2.66m.

The business reduced its losses as revenues decreased by 18% from €4.19m to €3.44m in the 12 months to the end of June last.

The Irish unit recorded the losses as the company “continued to expand services for media, brands and social platforms and made investments in the product and technology departments”.

The directors stress that not all of Storyful’s global revenue figures are included in these results “and therefore this report should be interpreted only with respect to Storyful Ltd”.

The firm’s administrative expenses reduced from €5.23m to €4.64m and the directors state that “these expenses continued to be tightly controlled and are driven primarily by payroll costs and amortisation”.

The business last year recorded the pre-tax losses after booking combined non-cash depreciation and amortisation costs of €684,404.

The loss also takes into account a loss of €60,366 in exchange differences and restructuring costs of €32,869. The firm’s lease costs increased from €334,854 to €408,847. 

The firm did benefit from an R&D tax credit of €58,937.

Numbers employed decreased from 66 to 64 with 31 in editorial; 18 in technology and development; 12 in general and administration and three in sales and marketing.

Staff costs – that included the bonus payment of €556,958 – last year totalled €5.8m that was an increase on the €5.69m paid out in the prior year. 

Former RTÉ Primetime presenter Mark Little set up the company in 2010 and Little and the company’s investors sold it to News Corp for €18m in December 2013.

A note attached states that the directors have considered the losses to date and report that they are satisfied that appropriate measures have been taken to bring about the company’s profitability.

The note states that funding provided by and available from the shareholder is sufficient to enable the company to meet its liabilities as they fall due.

The pay package for directors increased from €868,656 to €925,928 that was made up of remuneration of €731,907, €160,071 under long term incentive plans and €33,950 in pension contributions.

At the end of June last, accumulated losses of €58.52m were offset by the share premium account of €59m and called up share capital of €392,075 resulting in shareholders’ funds of €908,278.