Saturday 24 February 2018

Life may be a rollercoaster but Keating still profitable

Gordon Deegan

Life is a rollercoaster for singer Ronan Keating at the moment, but his entertainment firm continues to make profits.

New figures show that his Entourage Management Agency recorded a profit last year and its cash pile at the end of August last stood at €204,936. The firm also recorded a profit in 2010.

The 35-year-old Boyzone singer and solo artist separated from his wife, Yvonne, last year with the two officially announcing their split in April.

However, the returns show that Yvonne continues to own 50pc of the firm.

The accounts -- signed off on June 27 -- show that the Keatings derive income from live performance and related broadcast income. The abridged accounts show that the company strengthened its balance sheet in the 12 months to the end of August 2011.

This followed the firm's accumulated profits increasing marginally from €9,556 to €11,797.

The figures show that the company's cash in hand and at bank decreased from €224,362 to €204,936 with debtors decreasing from €116,015 to €24,056.

Mr Keating has another solo album 'Fires' to be released in the autumn with a tour to follow, while Boyzone are planning to release an album next year. The Dublin singer and father of three has sold more than 22 million albums worldwide.

The figures show that creditors to Entourage Management Agency -- formerly Hipclash Services -- fell from €330,818 to €217,192.

As the accounts are abridged, the information they provide is limited and does not include a profit and loss account or if any dividends were received by the Keatings during the year.

The accounts state that live performance and related broadcast income represents the value of services provided, net of tour-promoter commission.

The accounts state: "Publishing income received represents advances, which are non-repayable and are accounted for on a receipts basis."

The returns show that the company paid income tax deducted under PAYE at €45,851 last year compared to €89,572 in 2010.

Auditors for the company, PricewaterhouseCoopers, said that the financial statements give a true and fair view of the state of the company's affairs at August 31, 2011, and of its profit for year ended.

Irish Independent

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