Friday 24 January 2020

Profits hit €11m for owner of 3Arena

Ed Sheeran was one of the headline acts to draw big crowds to the 3Arena
Ed Sheeran was one of the headline acts to draw big crowds to the 3Arena

Gordon Deegan

Sell-out shows by music star Ed Sheeran at the 3Arena in Dublin last year contributed to pre-tax profits at Live Nation's Apollo Leisure soaring by 66pc to £9.85m (€11m).

The UK-based Apollo Leisure Group Ltd owns Amphitheatre Ireland Ltd, which operates the 3Arena.

New figures lodged with Companies House in the UK show that profits at Apollo Leisure last year jumped on the back of revenues increasing by 45pc, going from £16.2m to £23.6m.

In a bumper year for the Live Nation owned venue, Bob Dylan, The Killers and comedian John Bishop were others to attract major crowds to the location.

According to ALGL's directors' report, the group "has significant net assets and is  profit making. The group's forecasts project that it will continue to trade profitably and be in a strong liquidity position". Box office receipts are shared between promoter, artist and venue operator.

Detailed figures from trade industry journal 'Pollstar' show that Drake bringing in €2m at the 3Arena box office for two shows in February 2017.

The sharp rise in pre-tax profits came as the company's cost of sales increased from £3.62m to £5.7m, with administrative expenses increasing from £6.26m to £7.6m.

The group recorded an operating profit of £10.2m and net interest payments of £373,532 reduced the firm's profits to £9.85m.

The company paid a dividend of £567,541 and this followed a dividend of £3.955m in 2016.

Live Nation yesterday declined to comment.

Irish Independent

Also in Business