Opera House slashes deficit

ALMOST €2.8 million is to be wiped off the Cork Opera House’s €3.7m debts in the coming months.

Attendance levels in the main auditorium rose to 64% of its 1,000 seat capacity, comparable to full houses at the 600 seat Abbey Theatre in Dublin.

In all 224,000 paying customers utilised the Opera House complex in the year to March of this year.

Grants of €2.79m from Cork City Council to the theatre in recent years were accounted for as debts in the company’s accounts.

Yesterday, company chairman Charlie Hennessy said the City Council has agreed to have this re-classified as a capital contribution to the company.

This means the debts will now become a shareholding in the company.

Mr Hennessy said the year to March, 2004 has seen a remarkable turnaround in the fortunes of the company, with turnover hitting a record €6.43m, up 5%.

Pre-tax losses at the company fell to €279,807 from €508,513.

Profits pre-depreciation were €50,000, compared to a loss of €178,000 a year earlier.

Mr Hennessy said that the capital investment of €8m in the Opera House over a period of 10 years has helped to raise the company onto a new plateau of performance.

“Further work has still to be done, however. We urge Minister John O’Donoghue to help us finish a job well started if Cork Opera House is to rise to the challenges of Cork 2005, European Capital of Culture,” he added.

Just 3% of Cork Opera House’s annual income of €6.4m comes from the Arts Council as an operational grant.

Executive director Gerry Barnes said that, if a high quality programme is to be put in place when the Opera House is the premier venue for the 2005 city of culture celebrations, funding needs to be addressed.

“It is my wish that the Arts Council and Cork City Council and Cork County Council will set up a working group to discuss the revenue funding needs of the Opera House,” he added.