Money talks - profits soar at firm behind Cutting Edge
Profits at the production firm that produces Brendan O'Connor's 'Cutting Edge' show on RTE last year increased by 66pc to €245,299.
New accounts lodged by Mind The Gap Films DAC show that the firm recorded profits of €245,299 in 2018. This followed profits of €147,265 in 2017.
In a buoyant year for the business, the firm's cash pile increased from €128,400 to €427,773 in the 12 months to the end of June last.
The multi-award-winning company - established in 2001 and led by Bill Hughes and Bernadine Carraher - regularly works on large-scale productions with budgets of over €1m.
The IFTA-winning Cutting Edge, fronted by 'Sunday Independent' journalist Mr O'Connor, has proven to be a ratings winner. Audience figures show that so far this season, the show has had a consolidated average viewership of 254,000 and a share of 20pc.
The audience for the current series is an increase on the consolidated average viewership of 201,000 for the autumn 2018 series.
Other productions by Mind the Gap include 'Lords & Ladles' and 'Healthy Appetite'.
The company specialises in television entertainment, music, documentaries and other factual programming.
The firm's workforce during last year remained at eight, with staff costs going up from €305,732 to €332,689.
Pay to directors last year increased from €144,119 to €162,497, made up of €129,650 in emoluments and €32,847 in pension contributions.
The profits last year resulted in the firm's accumulated loss of €4,479 becoming an accumulated profit of €240,820. Shareholder funds totalled €390,920.
The amount owed to the firm by debtors increased from €60,744 to €118,855. The amount owed to creditors stood at €210,533.
Statistics from the Revenue Commissioners show that Mind the Gap last year received a sum between zero and €500,000 towards the production of 'Lords & Ladles Series 2' last year under Section 481 of the Film Corporation Tax scheme.
Mind The Gap also qualified for tax credits between zero and €500,000 for Lords, Ladles & the Potato.
The firm also qualified for tax credits in the same bracket for 'Na Treibheanna: Music for Life'.