News Corp-owned social media intelligence firm Storyful, which focuses on internet news, has doled out bonus payments totalling €1.65 million to its employees over the past three years. The business, led from Dublin, shared a considerable bonus of €515,135 last year ending in June, following a reward of €581,415 in 2022, and a handsome bonus of €553,339 in 2021.
Figures reveal the pre-tax losses of Storyful Ltd dropped by a considerable 22% from €3.96 million to €3.08 million in the previous year. Meanwhile, despite the company seeing a 7% decrease in revenues from €4.48 million to €4.19 million for the same period, significant efforts were made to reduce the overall financial deficit.
The Irish division revealed these losses as the firm further ventured into expanding their outreach for media, brands, and social platforms, with meaningful investments made towards technological advancements and product development.
The company’s operational expenditures fell from €6.37 million to €5.23 million in the same period. The administrative costs, primarily influenced by amortisation and payroll, continued to be meticulously managed.
For the previous year, the business charted pre-tax losses after accounting for combined non-cash amortisation and depreciation costs amounting to €793,988. Also taken into account were an exchange loss of €138,725 and restructuring expenditures of €63,269. Lease costs for the company reduced from €437,079 down to €334,854.
In terms of tax benefits, the company profited from an R&D tax credit worth €124,754. The total workforce grew from 62 to 66, bringing the overall staff expenses last year to a generous €5.69 million.
Originating from former RTÉ Prime Time presenter Mark Little, Storyful was established in 2010. The enterprise was then sold by Mr Little and investors to News Corp for a striking €18 million in December 2013.
Finally, in consideration of the previous losses, Storyful’s directors reported satisfaction with the corrective efforts made to promote the business’s profitability.
The message hinted that the shareholder’s provision and ready access to funds were amply effective in enabling the company to satisfy its obligations as they became due. Directors’ remuneration underwent a rise, starting from €784,713 and reaching €868,656. This total sum was broken down into a basic pay of €668,717, €167,489 via long-haul motivation plans, and €32,450 directed towards pension funds. As of the end of this past June, the company had managed a net balance of €3.57 million, despite accrued losses amounting to €55.8 million. This was facilitated by a share premium account worth €59 million and a called up share capital totalling €392,075.