Business Irish

Wednesday 25 April 2018

Movie makers in their Element as profits roll in after Room’s success

A scene from ‘Room’
A scene from ‘Room’

Gordon Deegan

The box office success of the multi-award winning 'Room' resulted in a bumper year for Element Pictures last year.

This follows new accounts for the Dublin based Element Pictures Ltd, run by Ed Guiney and Andrew Lowe, showing that profits at the business last year increased to €481,087.

The profits last year followed the firm recording profits of €456,100 in 2014.

The firm’s on-screen success of recent years has led to a strengthening of the company’s balance sheet, with accumulated profits standing at €1.4m at the end of last year.

In 2015, the company’s cash pile increased from €929,593 to €1m.

The numbers employed by the firm last year increased from 22 to 23 with staff costs, including directors’ salaries increasing from €1.17m to €1.3m. Directors remuneration, including pension contributions, last year decreased from €305,459 to €282,356.

The firm has offices in Dublin and London and works across production, distribution, and exhibition.

Earlier this year, Mr Guiney joined the stars of Hollywood on the red carpet for the Oscars as a result of the firm’s co-produced ‘Room’ being nominated for best picture and three other nominations.

In the lead up to the Oscars, Mr Guiney said that the company and the movie had already won by being nominated for the awards.

Following the nominations, Mr Guiney said: “We are truly ecstatic. To get four nominations from the Academy especially these categories is truly amazing and beyond our wildest dreams.”

Brie Larson won an Oscar for her performance in the movie which went on limited release last year.

The Oscar success for Room led to the movie enjoying a worldwide box office of $35.4m – a great return for a movie that had a $13m budget.

The firm also enjoyed success with ‘The Lobster’, winner of the Jury Prize in Cannes, starring Rachel Weisz and Colin Farrell.

In recent years, the movie production firm has shot to the top of the industry here with Lenny Abrahamson’s films ‘Frank’, ‘What Richard Did’, ‘Garage’ and ‘Adam and Paul’.

Other productions that the company has been involved in include John Michael McDonagh’s The Guard and Peter Mullan’s The Magdalene Sisters.

Upcoming productions include The Killing of a Sacred Deer starring Colin Farrell.

The firm’s success is not confined to the big screen and has scored a number of big successes on the small screen including hit TV3 show ‘Red Rock’ and the recent ‘Charlie’ and ‘Rebellion’ for RTE. 

Red Rock is now an international success having been sold to the BBC and Amazon. Another Element production for TV is Redwater, a six-part drama for the BBC that is now in production.

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