Riverdance firm's profits leap to €1.9m
Pre-tax profits at the firm behind the entertainment phenomenon Riverdance more than doubled to €1.9m in 2015.
That is according to new accounts just filed by Abhann Productions, which show that the creative forces behind Riverdance, John McColgan and Moya Doherty enjoyed a sharp pay hike in 2015 as the production celebrated its 21st anniversary.
The two sit on the board with David Orr. Pay to the three increased by 26pc from €1.1m to €1.39m in the 12 months to the end of June 2015.
The couple - who are a regular on Rich Lists - enjoyed the pay increase after the firm's pre-tax profits increased by 170pc to €1.9m and its gross profits increased by 78pc going from €3.1m to €5.63m.
The profits in 2015 take account of €900,000 it has written off due from connected firms.
Trade industry journal, Pollstar estimates that Riverdance last year clocked up ticket sales of €19.7m as a result of 207 performances in 45 cities around the globe.
Based on the Pollstar figures, Riverdance is on course to generate €33.7m in ticket sales this year from a planned 360 shows with two productions performing.
Asked to explain Riverdance's continuing success, Executive Producer, Julian Erskine said: "Repeat visits. Many of our customers come back to see us every time we are in town, and now after such a long time on the road, some people who saw us 20 years ago, are now bringing their families with them so it's not only repeating but growing exponentially also.
"On top of that, word of mouth has always been very strong with Riverdance, so satisfied audiences are telling others that Riverdance is a 'must see'."