Accumulated profits at Pat Kenny’s media firm topped the €1.52 million mark last year as his company enjoyed another strong year.
New figures just filed by Pat Kenny Media Services Ltd with the Companies Office show that accumulated profits at the firm last year jumped by €167,144 from €1.35m to €1.52m.
This followed the company enjoying profits of €163,814 in 2017 and €213,177 in 2016.
The firm’s cash pile in the 12 months to the end of June last decreased marginally from €1.05m to €1.01m.
The drop in cash at the company is attributable to the firm investing in property during the year with the value of the firm’s tangible assets increasing from €1,084 to €300,804.
The value of the company’s financial assets last year reduced from €392,697 to €272,698.
Pat and his wife, Kathy are the only two directors on the board of the firm and two last year shared remuneration of €301,975.
This is made up of €201,975 in pay and €100,000 in pension contributions.
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 TV gigs at Virgin Media.
Kenny turned 71 earlier this year and remains in demand from TV executives with the broadcaster currently fronting Virgin Media European Election specials.
In an interview last year around the time of his milestone birthday, Mr Kenny said: “I want to make light of turning 70 because I certainly don’t feel that my energies are diminished.”
He said: “There is an old adage in show-business that actors and performers don’t retire, the people retire you.
"When they feel they’ve had enough of you, or you have had enough, that’s when you stop.”
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 €1.5m in the subsequent almost-six years after his exit from Donnybrook.
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 the contract there.
Kenny’s salary at Newstalk is not known and the soaring fortunes at Kenny’s firm will compensate the veteran broadcaster for the loss of listeners he has sustained since his move from RTÉ.
Kenny’s morning radio show at RTÉ consistently hit the 320,000 mark and according to the most recent JNLR figures, his Newstalk show had 150,000 listeners.
At the time of his move, Kenny stressed that money was not the over-riding factor in leaving the national broadcaster, but admitted to being ‘completely gobsmacked’ by Newstalk’s offer after the expiry of his RTÉ contract on May 21st 2013.
The accounts are abridged and do not provide a revenue figure.
The increase in profits at a small firm are dictated by the revenues, combined with the costs, including the amount in salaries and dividends, if any, paid out.
Mr Kenny’s RTÉ pay reached a peak in 2008 when he was paid €950,976 before having his salary was reduced to €729,604 in 2009.
