Tuesday 21 February 2017

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

Gordon Deegan

Published 05/11/2015 | 02:30

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.

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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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