Friday 23 February 2018

Van Morrison records profits of €168,000 at subsidiary

Van Morrison: The Irish musician’s accumulated profits totalled £1.6m
Van Morrison: The Irish musician’s accumulated profits totalled £1.6m

Gordon Deegan

More than a half century after his first live performance, Van Morrison's music continues to make money with his recording firm generating profits of €168,884 last year.

New accounts filed by Morrison's Exile Productions show its recording arm, Exile Records, recorded profits of £126,905 (€168,994) last year.

Accumulated profits at Exile Productions totalled £1.629m at the end of April 30 last.

The figures show that in the 12 months to the end of April, Exile Productions' accumulated profits had dropped by €584,971 to £1.62m.

The firm's cash during the period declined by €280,300 to £391,370.

The firm's debtors dipped only marginally from £2.09m to £2.06m.

Last year was the 50th anniversary of Morrison's first gig at the Queen's hotel in Belfast and he continues to perform to his adoring fans with upcoming dates at the Europa Hotel in Belfast and the Royal Albert Hall in London in March and at Live at the Marquee Cork in July.

The drop in profits for his main firm last year is in contrast to the stunning performance by the firm in 2012 when accumulated profits rose by £780,358.

The accounts - signed off by 'George Morrison' (Morrison's full name is George Ivan Morrison) - show that the amount owed to creditors in one year stood at £925,804.

The abridged accounts don't reveal the revenues recorded by the firm during the year.

The drop in profit and cash at Morrison's main firm coincided with the 69-year old not releasing any new material during the year.

Morrison's last studio album - his 34th and first since 2008 - Born to Sing: No Plan B was released in October 2012.

The accounts show that the firm's subsidiary, Exile Records, had reserves totalling £1m last April with another subsidiary, Exile Films recording a loss of £70 and having reserves of £252,384.

Best known for songs 'Brown Eyed Girl', 'Sweet Thing', 'Baby Please Don't Go' and 'Have I Told You Lately', Morrison's 'Astral Weeks' album is widely regarded as one of the best of all time.

The intensely private Morrison - who is married to former Miss Ireland Michelle Rocca - has received widespread acclaim over his long career including six Grammy Awards, a Brit Award for Outstanding Contribution to Music.

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