U2 help profits to double at 3Arena firm
Published 19/07/2016 | 02:30
U2 and Niall Horan's One Direction last year helped the Live Nation firm that operates the 3Arena in Dublin to double its pre-tax profits to £5.16m (€6.19m).
U2 were the biggest box-office draw at the docklands venue in 2015, with the band generating €4.6m in box office receipts.
New accounts filed by the UK-based Live Nation firm, Apollo Leisure Group Ltd (ALGL), show that pre-tax profits increased last year by 102pc from £2.55m to £5.16m.
Revenues at the group increased marginally from £15.35m to £15.6m.
The accounts show that the numbers attending the 3Arena last year increased by 11pc, rising from 599,427 to 666,318 patrons.
The number of shows at the arena last year totalled 78 compared to 77 in 2014. The accounts underline the close ties that now exist between Denis Desmond's MCD Productions and Live Nation. A note attached to the accounts states that the two entities share key management personnel and that venue charges receivable of £2.42m from MCD Productions are included in revenues. According to ALGL's directors' report, the group "is profit making and has a considerable cash balance. The group forecasts project that it will continue to trade profitably and be in a strong liquidity position."
The sharp rise in pre-tax profits arose from the company's administrative expenses declining from £8.56m to £6.1m.