Today a story in the Irish Independent Newspaper stated that
Profits at one of Ireland’s largest online media groups, Daft Media Ltd, were hit last year following a €1m writedown on an investment in the firm that operates the community website, boards.ie.
Accounts recently filed with the Companies’ Office show that Daft Media… has written down its investment in boards.ie by €749,750 to €250,000, from €999,750.
On the writedown, the directors state that “notwithstanding that the business continues to grow strongly in terms of community, traffic and page intermissions, its revenues are still uncertain”.
Consequently a post on our Feedback forum and some tweets appeared questioning the statement and apparently wondering if there was uncertainty about the investment or future in Boards.ie
Simply put, there’s not.
I asked Eamonn Fallon, CEO of Daft.ie about this, and while it is not Daft Media company policy to comment on Financial Statements – bear in mind that these are the finances of Daft.ie and not Boards.ie – he came back to me with the following:
I see there are some threads on boards about Daft Media’s latest filing with the CRO.
If you are chatting to anyone you can tell them that Daft are still very happy with their investment in boards.
The write-down is purely best practice accounting and does not affect the future of boards.ie in any way. Our investment in boards is for the long term and we are very happy with the development of the site over the last 12 months.
I’d like to assure people that we in Boards.ie Ltd are not affected in any way by this news. While we continue to invite advertisers to take advantage of the great options and rates we have available to then and to invite companies to engage with our members, there is no added “urgency” to generate revenue.
We continue to focus on providing an excellent service through technical improvements for stability and community management to help people post more frequently and enjoy the great content.
If you have any queries, please feel free to contact us at hello@boards.ie or comment on this thread but here it’s 100% all systems go.
Good to hear that all is still well at Daft. It should always be there as a great resource for all who use it. The tricky part is figuring out how to make money out of the massive amount of traffic you guys have without annoying the users. Am sure you will figure it out and already are