Business Irish

Monday 22 October 2018

Birthday gigs help Van's firm make €7m

Celebrated musician Van Morrison has seen his earning power increase with age
Celebrated musician Van Morrison has seen his earning power increase with age

Gordon Deegan

Belfast music legend Van Morrison took 'the bright side of the road' last year as accumulated profits at his firm soared to £6.179m (€6.97m).

In new accounts showing the world-renowned 72-year-old singer-songwriter's earning power is increasing with age, profits at his Exile Productions Ltd entertainment firm  jumped by £3.658m in the 12 months to the end of April 30 last. The profits represent a 50pc increase on the profits of £2.4m in the previous 12 months that coincided with the performer playing a number of gigs to celebrate his 70th birthday in August 2015. Long-time devotees of the celebrated artist converged on the tree-lined Cyprus Avenue in Belfast - immortalised by Morrison in song - in August 2015 as Morrison was lavished in praise for his contribution to music over more than half a century.

The new accounts filed by Exile Productions to the Companies House in the UK show that the profits last year resulted in accumulated profits increasing from £2.6m to £6.17m.

In the 12 months to the end of last April, the firm's cash pile increased by £920,000, going from £2.559m to £3.479m while the money owed to the firm by debtors increased from £3.29m to £4m.

The abridged accounts don't reveal the revenues recorded by the firm during the year.

Knighted in 2016 for his musical achievements and services to tourism and charitable causes in Northern Ireland, his creative energy shows no sign of slowing down as he released three studio albums in little over a year. The profits last year follow Morrison completing a UK tour in late 2016.

Irish Independent

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