Desmond sings praises of his UK music firm as earnings top £8m
CONCERT promoter Denis Desmond said yesterday that he expects earnings from the UK music venue business he co-owns to top £8m (€9.4m) this year.
The head of MCD made the forecast after filing accounts that show his UK operations recorded earnings before interest, tax, depreciation, amortisation of £6.8m last year thanks to concerts from the likes of Primal Scream, the Prodigy and the Pogues.
Mr Desmond, pictured, and Live Nation jointly hold a 56pc share in the business that operates from 19 venues across the UK, including the O2 Brixton Academy and the O2 at Shepherd's Bush Empire.
Revenues at the UK-based Academy Music Holdings dipped slightly from £36.6m to £36m in 2012, with the group's pre-tax loss decreasing marginally to £1.41m. Around 2.5 million people paid to attend events at the 19 venues last year.
"They're good results and in the current climate, we are very happy with them," Mr Desmond said.
"We are pleased and this year we are projecting earnings of £8m. The UK operation is doing particularly well, but there is always room for improvement.
The group recently renewed its sponsorship deal with O2 for five years to 2018.
The group's cash increased from £5.3m to £7.6m during the year. Numbers employed by the group last year decreased from 370 to 340 with staff costs decreasing from £7.2m to £7.1m.
Mr Desmond's Irish MCD business is not required to file annual accounts as it has unlimited status.