Beyoncé CD sales help Sony ring up higher Irish profits up 18pc to €312k
Sales of CDs by global artists, Calvin Harris and Beyoncé helped the Irish arm of Sony to increase its pre-tax profits last year by 18pc to €312,000.
The increase in pre-tax profits came in spite of revenues at Sony Music Entertainment Ireland decreasing by 5pc from €8.8m to €8.4m in the 12 months to the end of March last.
The directors of the Dublin-based firm cite ongoing piracy of music and physical market decline as a risk to the firm.
The accounts are for the 12 months to the end of March last during which celebrated Sony artist, David Bowie died. Two of Sony's best-known artists of the last 30 years, Prince and George Michael have died since.
Sony's Irish artists include Christy Moore and Damien Dempsey.
The directors confirmed that a dividend of €5m was paid to the company's shareholder, Sony Music Entertainment UK on August 3 last.
The directors state that they are confident that Sony Music Entertainment Ireland will continue to deliver strong results in a challenging market through a strong release schedule, aligning its business model to the changing market and controlling costs effectively.
Other Sony artists include AC/DC, Britney Spears, Bruce Springsteen, Michael Jackson, One Direction, Garth Brooks and Justin Timberlake.
The directors of Sony Music Ireland are listed as Annette Donnelly, Michael Smith and Ross Timmons. Pay to directors last year increased from €413,000 to €431,000 made up €411,000 in pay and €20,000 in pension payments.
The numbers employed at Sony Music Ireland last year remained static at 11 with five employed in marketing and promotion, three in sales, two in management and one in administration. Staff costs increased from €1.15m to €1.16m. Cost of sales last year reduced from €4.5m to €4m with administrative expenses increasing from €3.69m to €4m.
The jump in profit can be attributed to non-cash amortisation costs of €392,000 that occurred in 2015 that did not re-occur last year.
The firm recorded a post tax profit of €267,000 after paying corporation tax of €45,000.
Shareholder funds totalled €18.55m.