accounts showed that The Irish Daily Star made a profit of €1.44 million for 2011, this was down 63% year-on-year. Revenue was down 20% year-on-year. The company shed 20 staff in 2011, bringing its employment to 118. Staffing numbers were down to 110 in January 2013, with 80 of those posts full-time and 9 job cuts pending. Staff numbers reduced to 50 by 31 December 2017. Kate Middleton photographs and subsequent reorganisation (2012/2013) The Irish Daily Star published controversial topless pictures of Kate Middleton on 15 September 2012. St James's Palace said there could be "no motivation for this action other than greed". Editor Michael O'Kane defended the publication, saying to the BBC: "I did this as a service to our readers, I'm a little taken aback by the reaction in the UK. It only seems to be an issue in the UK because she is your future queen. But from our point of view in Ireland, Kate Middleton is just another of the fantastic line of celebrities". In response to the publication of the topless photographs of Kate Middleton, later that day Northern & Shell, the co-owner of the Irish Daily Star, announced it was "taking immediate steps to close down the joint venture". On 17 September 2012, editor Michael O’Kane was suspended pending an investigation into the matter. The following day, it was reported that the "Northern & Shell company was indicating that the company's focus was on exiting the publishing joint venture" rather than closure specifically. It was subsequently reported, that the contract between Northern & Shell and Independent News & Media allows either one of them to give notice of an intention to withdraw and that lawyers from Northern & Shell were trying to extricate Desmond's company from the agreement. On 24 November 2012, Michael O’Kane resigned as editor of the Irish Daily Star. The same day, The Telegraph reported that IN&M and N&S were working together "to secure the future of the newspaper" and that there was "no change to the status of the 25-year-old joint venture" but that there will be further changes, to be announced in the future, at the paper. The following day, The Sunday Times reported that the changes will be "rationalisation" in nature and would be announced over the coming weeks. On 10 January 2013, the reorganisation was announced. IN&M assumed full executive responsibility for the Irish Daily Star. These