Who Wants to be a Millionaire TV firm records over €132,000 in losses

A TELEVISION production company run by Riverdance founders Moya Doherty and John McColgan recorded a loss last year.

Tyrone Productions, which is behind TG4 soap Ros na Rún and also made the Irish version of Who Wants to be a Millionaire, made a loss before tax of €132,622 compared to a profit of €417,832 the previous year.

No turnover figures were given in the accounts because it is a medium size company and not required to disclose the details.

The accounts show its gross profit for 2003 was up from €1.1 million to €1.23m, though the increase was wiped out by a rise in administration costs from €993,466 to €1.36m.

During the year the company increased its workforce from 31 to 38, which pushed its wages bill up €1.2m. The accounts for 2003 show shareholders’ funds had risen to e1.8m and it had cash of €1.8m on its books.

The company was also behind two of last year’s biggest TV ratings winners - reality show Celebrity Farm and the Special Olympics opening ceremony.

However, Tyrone suffered a blow earlier this year when RTÉ cancelled its afternoon programme Openhouse after six years.

The replacement afternoon show is made by a production company owned by comedian Patrick Kielty.

Tyrone was set up in 1987 by Ms Doherty and Mr McColgan and has been involved in many dramas and documentary series.

The firm is part of Ms Doherty and Mr McColgan’s Abhann group, which manages the pair’s Riverdance shows worldwide.

Its 2003 accounts are not due to be published for some weeks, but previously-published figures show they the duo were paid €40m in salaries from Abhann between 2000 and 2001.

The accumulated profits at Abhann swelled to €15m at the end of 2001.

The couple have also made a number of shrewd investments over the years, earning €33m from the sale of their stake in Today FM and have spent millions on homes in Dublin, Kenmare and New York, where they have a luxury apartment in the Trump Tower.