Cork Opera House on song as pre-tax losses narrow
Published 11/02/2013 | 04:00
PRE-TAX losses narrowed at Cork Opera House to €180,070 in the last financial year as more people attended events and the venue received a cash injection.
Accounts for the 12 months to the end of last March show the main factors behind the 78pc drop in pre-tax losses was an injection of €314,500 from Cork City Council and the absence of restructuring charges that cost the venue €371,099 in 2011 and led to losses of €852,282.
Revenues increased by 17pc to €4.5m as the venue staged 276 performances – 127,784 people attended events. That compares with 204 performances in 2011 when 127,557 attended. "We have worked tirelessly to stabilise the business and are delighted to see the fruits of initiatives," said Opera House boss Mary Hickson.
The city council gave a €1.25m loan to the Opera House in 2011, repayable over 15 years with a moratorium on repayments for the first three.
The company's accumulated losses last year totalled €3.3m. The firm's shareholder funds totalled €2.4m with its cash reducing from €817,080 to €418,999.
The average number of employees decreased from 53 to 45, with staff costs up from €1.24m to €1.26m.