Veritas lose almost €2m in a year

Catholic publisher Veritas lost almost €2 million last year, according to the latest accounts. The company is now largely dependent on emergency loans from the hierarchy.

The accounts also reveal that cash flow has been so limited at Veritas that the company has been unable to purchase stock for its network of shops selling religious books and other items.

Despite gross earnings of over €3million, Veritas made a net loss last year of €1,812,341 after operating expenses were taken into account. This follows a loss-making pattern in recent years.

In April 2015, shortly before the company’s auditors signed off on the accounts, an agreement was reached with the bishops’ conference for funding to be provided as a “subordinated repayable loan facility”. According to the accounts, the hierarchy ended last year already owed €553,378 by Veritas.