Aiken Promotions UK arm leaps to €1.75m in profits

Accumulated profits at the UK arm of concert promoters, Aiken Promotions last year jumped to £1.6m (€1.75m).

New accounts recently filed by Aiken Promotions Ltd with Companies House in the UK show accumulated profits at the firm jumped £268,958 from £1.37m to £1.64m, in 2015.

During the same period, the firm’s cashpile, however, fell from £6.1m to £5m.

The performance of the Irish business of Aiken Promotions is off limits as the firm has unlimited status here and is not required to file annual accounts.

Its most recent auditor’s report lodged with the Companies Office doesn’t confirm if the firm made a profit or a loss in 2014.

The company is led by Peter Aiken. Separate figures from music industry journal, Pollstar show the numbers attending Aiken Promotions (Ireland) gigs here last year was 549,210. This was more than double the 229,904 tickets sold by Aiken Promotions in 2014.

A large factor behind the increase was the two sellout Ed Sheeran concerts promoted by Aiken Promotions at Croke Park in July 2015 that were seen by 160,000 music fans.

The number of tickets sold for Aiken Promotions gigs last year exceeded the 520,000 that attended Aiken gigs in 2013 that were boosted by around 140,000 music fans attending Bruce Springsteen concerts.

The gross box office receipts on the Springsteen gigs were around €13m.

However, the Pollstar figures are believed to be an underestimate of Aiken Promotions entire operations. Separate Pollstar figures show that last year, Aiken Promotions (Ireland) attracted a number of big names to the 3Arena including Olly Murs and Nicki Minaj.

Aiken Promotions promotes events at one of the most popular music venues in the country, at Vicar Street in Dublin.

It also promotes ‘Live at the Marquee in Cork’, ‘Live at Iveagh Gardens’ and the Vodafone Comedy Festival. Some of Aiken Promotions’ upcoming events include Paul Simon along with the ‘X Factor Live’ tour. They will perform at the 3Arena.

The stellar performance by the UK arm of Aiken Promotions in 2015 followed a difficult 2014 for the firm’s Irish business as a result of the Garth Brooks Croke Park debacle. The year was shaping to be the firm’s best ever with 400,000 fans paying over €27m to see Garth Brooks at Croke Park.

However, with the concerts cancelled, Mr Aiken said at the time that the cost of the cancellation of the five gigs to his company would run into “seven figures”.

The loss has not been made known.

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