Digital media start-up The Currency, which was founded by former Business Post editors Ian Kehoe and Tom Lyons, swung into profit in its second full year of operation.
Currency Media, the company behind the financial journalism site, posted a profit of nearly 95,000 euros last year, according to financial statements for the 12 months to the end of last September, filed this week. This compares to a loss of €276,000 in the previous 16 months since the company was founded in May 2019.
The company’s accounts show cash on the balance sheet of approximately €866,000. Its directors, including Currency Media chief executive Mr Lyons and the publication’s editor Mr Kehoe, who is also a member of the RTÉ board, shared €163,000 in salary, according to Accounts.
The company is 100% owned by the two journalists and their families. Backers of the mint also include former senator Michael McDowell, who recently disclosed a loan to the company in his Oireachtas register of interests. Mr McDowell is also a regular columnist for The Irish Times.
Mr Lyons confirmed on Tuesday that the number of paying subscribers to the publication stands at 5,500.
The website was launched in 2019, months after the Business Post successfully defended a libel suit brought by businessman Denis O’Brien over a Sunday newspaper article written by Mr Lyons and edited by Mr. Kehoe. Mr. McDowell was counsel for the respondents in this matter.