U2 firms’ contrasting fortunes in 2016

Two firms owned by the members of U2 had contrasting fortunes last year, according to new accounts, writes Gordon Deegan.

New abridged accounts filed by U2 Ltd show that the firm recorded €4.8m in profit last year, up from €3.77m in profit it had in 2015.

The profits over the last two years come after the company posted a loss of €1m in 2014.

The U2 Ltd firm is engaged in the creation, protection and licensing of intellectual property and employs nine staff.

Its cashpile plummeted to €338,150 from €6.8m in the previous year.

Revenues at the company are not disclosed as the accounts are abridged.

Separate accounts for another U2 firm, Not Us Ltd showed its accumulated losses grew to €14.7m last year from €12.6m in 2015.

The directors of Not Us Ltd are listed as U2 band members, Paul Hewson (Bono), Adam Clayton, David Evans (The Edge), and Larry Mullen.

The company meets its day-to-day working capital requirements “by way of loans from subsidiary undertakings and related party creditor and directors, which are unsecured and interest free”, according to the accounts.

In 2016, the band had $152.2m (€128.5m) in box office receipts as more than 1.28m fans paid to see the band perform across the globe in 2015.

Box office receipts are split between artist, promoter and venue.

The average gross from each U2 gig was $6.92m — easily the most lucrative average gross earnings of any of the performers touring that year.

More in this Section

US stocks rally after several days of choppy trading

Standard Life gets €3.7bn for sale

Volkswagen tempers growth targets

Aer Lingus profits soar 15%, but parent’s shares nosedive


Today's Stories

China in our hands as Irish exports hit heights

On Brexit, the rubber hits the road for UK car firms

Shares worry focus on US rates

Brexit will hurt bad but let’s not overstate the costs

Lifestyle

The biggest cancer killer will take your breath away

Hopefully she had an idea...

Power of the press: Meryl Streep and Tom Hanks discuss 'The Post'

More From The Irish Examiner