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pat's profits Pat Kenny's company profits rise to €1.5m - and have tripled since he left RTÉ

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Broadcaster Pat Kenny

Broadcaster Pat Kenny

Broadcaster Pat Kenny

Accumulated profits at Pat Kenny's media firm increased to €1.54m last year.

New figures just filed by Pat Kenny Media Services with the Companies Office show that profits at the firm last year increased by a modest €16,719 from €1.527m to €1.543m.

The profit last year was significantly lower than that of 2018, when the company recorded profits of €167,144.

The company enjoyed profits of €163,814 in 2017 and €213,177 in 2016.

Pat and his wife, Kathy are the only two directors on the board of the firm. The value of the company's assets - mainly made up of cash - increased from €1.39m to €1.6m in the 12 months to the end of June 2019.

The wealth of the firm has soared since Kenny's move to Newstalk in 2013 from RTÉ as the broadcaster has mixed his radio work with occasional TV gigs at Virgin Media.

However, earlier this year, Kenny was one of a number of top paid presenters at the Communicorp-owned Newstalk to see their pay reduced by 25pc in response to the Covid-19 pandemic.

Staff earning more than €120,000 had their pay reduced by 25pc. The temporary measure was introduced in April with the intention of reinstating pay levels when revenues return.

Speaking at the time, Mr Kenny said: "Everyone is putting their shoulder to the wheel, from management down to the newest recruit.

"I would imagine that everyone will have to tighten their belts for the duration of this crisis whether it's for two months, three months or whatever.

"But our main task here is getting out of this alive. Looking after our own health has to take priority over everything else."

Kenny announced his departure from RTÉ in July 2013 and at the end of June that year, his firm had accumulated profits of €458,059.

However, the wealth of the company has more than tripled to €1.54m in the subsequent seven years since his exit from Donnybrook.

AGREED

This was helped in no small way by the whopping €728,417 Kenny received from the national broadcaster in his final year there in 2013.

The 2013 pay from RTÉ included an end-of-contract payment contractually agreed in 2008 and payable on completion of his contract there.

At the time of his move, Kenny stressed money was not the biggest factor in leaving the national broadcaster, but admitted to being 'completely gobsmacked' by Newstalk's offer after the expiry of his RTÉ contract.

Mr Kenny's RTÉ pay reached a peak in 2008 when he was paid €950,976 before having his salary reduced to €729,604 in 2009.

The increase in profits at a small firm are dictated by the revenues, combined with costs, including the amount in salaries and dividends paid out.

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