Stage set for debt reduction as Dublin Theatre Festival returns to profit
Bumper crowds attending the Dublin Theatre Festival contributed to the festival returning to profit last year after revenues increased to more than €1.98m.
New accounts filed by the Festival show that it recorded a profit of €67,641 after recording a loss of €157,959 in 2016.
Revenues increased by 7pc, going from €1.85m to €1.98m.
According to the directors, the company exceeded its ambitions for debt reduction in 2017.
Their plan is that the shortfall carried forward will be cleared over the next two to three years.
The festival's accumulated loss at the end of December last totalled €31,445 and this was down from the accumulated loss of €99,170 in 2016.
The directors state that the company will invest future surpluses in reserves with the ambition of safeguarding against risks and facilitating greater ambition.
The Druid's production of Eugene McCabe's 'King of the Castle' starring Seán McGinley and Aeschylus' 'The Suppliant Women' were highlights of last year's festival, which celebrated 60 years of the Dublin Theatre Festival.
The 2017 programme featured 32 productions including 21 Irish and 11 international projects.
Twelve of the Irish productions were world premieres. The festival company last year received a grant of €850,000 from the Arts Council. Ticket sales last year increased marginally going from €557,624 to €578,611.
The amount received from funding agencies increased from €99,250 to €150,535.
Numbers employed by the festival firm last year reduced from 24 to 22 with staff costs increasing from €449,082 to €454,815.
The pay range for the CEO of the Dublin Theatre Festival is between €70,000 and €80,000.
The festival firm's cash pile last year reduced from €186,496 to €132,433.