Bruce tunes up profits at Thomond Park firm
Published 16/05/2015 | 02:30
The Bruce Springsteen concert at Thomond Park in Limerick contributed to operating profits increasing at the stadium firm to €286,000 last year.
The operating profits represent a marginal increase on the €284,000 operating profits recorded in the 12 months to the end of June 2013.
The Springsteen gig, staged in July 2013, also contributed to revenues at the stadium increasing from €1.99m to €2.13m.
Thomond Park derives most of its income from staging Munster rugby matches.
"We are happy with the performance of the company as we are still generating a cash-flow surplus," stadium manager John Cantwell said yesterday.
"We are constantly looking at options to grow the company's profits and are hopeful that some of the initiatives we are currently working on will bear fruit in the future."
Mr Cantwell confirmed that the company did record a post-tax loss of €1.08m compared to a post-tax loss of €1.1m in 2013.
However, he said that the post-tax loss includes hefty non-cash depreciation of €1.35m and loan interest of €16,000.
"The financial results were at the same level as the prior year so while there was some increases and decreases, overall they netted each other out," Mr Cantwell said.
He said revenues were driven by an operational change in Thomond Park "whereby we now operate all the public bars as opposed to an external operator, so the gross income and related costs are now included in the accounts as opposed to a percentage commission from the operator. So while revenue increased we also saw a corresponding increase in our costs."
Mr Cantwell declined to reveal the income generated from the Bruce Springsteen concert.
He added: "However, we can state that an event of this stature contributes a significant income stream across a number of areas."
The stadium will not be hosting any concerts this summer. "Despite our best efforts there are no concerts booked for the stadium this summer," he said.
On the current year, Mr Cantwell said: "As we haven't had a concert this year we would expect the financial results to reduce somewhat but we still expect to general a cash-flow surplus."