Wednesday 26 April 2017

Jedward forced to take pay cut after company profits plummet by 68pc

Gordon Deegan

The entertainment firm Planet Jedward, owned by Ireland's most famous twins, crashed back to Earth last year forcing the twins to take a massive pay cut from the company.

New figures show that the profits and cash pile at Planet Jedward Ltd, owned by John and Edward Grimes (24), last year nose-dived.

This resulted in the twins taking a 33pc pay cut, with new accounts showing they paid themselves €66,482 last year - or €33,241 each.

The pay to the pair - who represented Ireland twice in the Eurovision Song Contest - represents a one-third pay cut on the €100,331 the twins shared in 2013.

The accounts show the accumulated profits at their firm plummeted by 68pc, going from €194,596 to €64,414.

During the same period, the firm's cash pile reduced by 79pc, going from €110,775 to €22,498.

The performance of the firm last year continued the trend from 2013, when the company's cash pile dropped by €480,245, from €591,020 to €110,775. In 2013, the firm's accumulated profits reduced by €382,058, from €576,654 to €194,596.

The performance by the firm last year and in 2013 is in sharp contrast to the 2012 performance, when profits increased from €418,440 to €578,654.

The two burst onto the entertainment scene in 2009 with their appearance on the 'X Factor'.

Irish Independent

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