Ardmore over the Moone with progress
BOOSTED by the shooting of the third series of Chris O'Dowd's 'Moone Boy', Ardmore Studios has enjoyed a turnaround in its fortunes this year after two years of successive losses.
Chief executive Siun Ni Raghallaigh confirmed the studio is expecting to break even in 2013 following losses of €851,873 in 2012 and €987,622 in 2011.
"After a period of restructuring the business in the latter part of 2012, Ardmore Studios Ltd expects to be in a break-even position for 2013," Ms Ni Raghallaigh said.
"In response to client needs, Ardmore has made a considerable investment in the upgrading of the studios and the facilities. This has resulted in a gradual growth of the business with a mixture of work during 2012 and 2013."
The chief executive said that factors behind the 2012 loss "relate to very little activity in the first half of 2012, restructuring costs and redundancy costs".
According to the 2012 accounts just lodged with the Companies Office, the company significantly reduced its cost base in 2013 through redundancies, efficiencies within the studios and outsourcing. Nine people lost their jobs last year.
The studios are co-owned by Paul McGuinness, and Ms Ni Raghallaigh said that Mr McGuinness continued to play a central and supportive part in Ardmore's development.
Productions starring O'Dowd, Oscar-nominated, Michael Fassbender and Maggie Gyllenhall have boosted revenues at the Co Wicklow studios this year.
"2014 looks positive at this point, but it is difficult in this business to predict very far into the future," Ms Ni Raghallaigh added.