Business Irish

Friday 22 August 2014

O2 venue rocks up profits of €6m for 2012

Gordon Deegan

Published 02/07/2013 | 05:00

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Chris Brown in concert at the O2 last year

It was a tale of the two Harrys at the O2 last year with one stepping in and the other stepping out.

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Harry Styles's One Direction powered the O2 to tidy profits of almost €6m in 2012, while the co-founder of the O2 and the Point Theatre before that, Harry Crosbie, resigned as director of Amphitheatre Ireland Ltd – which runs the O2 – last year.

In April, Nama appointed receivers to Crosbie firms that operate the Bord Gais Energy Theatre on Grand Canal Square and the Point Village Hotel. The agency has not moved against Amphitheatre Ireland that Crosbie co-owns with concert promoters Live Nation.

The healthy profits recorded by the O2 in 2012 made it the fourth best attended music arena in the world last year.

Accounts just filed by UK-based Apollo Leisure Group Ltd (ALGL) show that revenues dipped 4pc from £16.1m (€19m) to £15.5m in the 12 months to the end of December 2012, with pre-tax profits dropping from £6m to £4.9m.

The group's only operating subsidiaries are the Dublin-based Ampitheatre Ireland Ltd and Live Nation Ireland Holdings Ltd.

Irish Independent

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