Tyrone's profits plunge by 75pc in 'challenging' economy
PROFITS at John McColgan and Moya Doherty's TV production company fell sharply last year, as the business continued to deal with a "challenging" economy.
Accounts just filed for Tyrone Productions for the year to the end of 2011 show profits after tax plunged nearly 75pc to €39,639, from €154,023 a year earlier. While gross profits fell just under 14pc to €732,390, Tyrone's administrative expenses actually rose marginally, from €691,037 to €693,160.
The company made its name with 'Riverdance' in 1994, but is now one of the biggest independent production firms in the country. Recent productions include 'The All Ireland Talent Show' and 'Ireland's Greatest'. At the end of last year, the business had accumulated profits of €255,234. The company's 10 staff were earning an average of €64,389 in wages, while the directors drew remuneration and emoluments of just over €253,000 in 2011, up €37,000 on 2010. Apart from Mr McColgan and Ms Doherty, former chief executive Joan Egan and managing director Patricia Carroll are also directors.