Business Irish

Friday 20 July 2018

Music promoter Desmond's firm boosted by €11m UK dividend

Acts like Wyvern Lingo have helped drive profits at MCD venues such as the Academy
Acts like Wyvern Lingo have helped drive profits at MCD venues such as the Academy

Gordon Deegan

Concert promoter Denis Desmond's Gaiety Investments recently enjoyed a £9.8m (€11m) dividend windfall from one of his UK joint ventures with Live Nation.

Accounts filed by Academy Music Group Ltd (AMG) show the business declared a dividend of £35m to its shareholders in March of this year. Mr Desmond heads up MCD Productions here and through his joint venture with Live Nation, the LN Gaiety Holdings Ltd entity, he owns 28pc of AMG.

This translates to the £9.8m dividend declared for Mr Desmond's Dublin-based Gaiety Investments. The dividend, declared in March, was the first large dividend declared since 2015. Between 2015 and 2011, AMG paid out £40.44m in dividends to shareholders.

The March dividend follows a bumper year for AMG where pre-tax profits increased by 34pc to £7.8m in 2017. This followed revenues increasing by 10.7pc from £43.7m to £48.39m. Live Nation-controlled AMG is the leading owner of live music venues in the UK.

Irish Independent

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