MCD doubles profits to €2.4m

PROFITS at MCD Productions, the concert promoter and music venue owner, more than doubled in 2003 its latest set of accounts show.

The company, which promotes gigs like Witness and Slane, saw pre-tax profits rise from €832,531 to just over €2 million in the year to end December 2003.

Turnover for the year surged from just over €40 million in 2002 to €54 million last year.

The company is owned by Corkman Denis Desmond and his wife, Caroline Downey, the former model.

It is the largest concert promotion business in Ireland and also owns a number of venues including the Gaiety and Olympia theatres, the Ambassador and the SFX centre.

The Desmonds did not take a dividend out of the company, which resulted in retain profits rising to €2.4m.

MCD had €5.2m in cash on its books and shareholders’ funds were up to €4.95m.

The two directors, Mr Desmond and his wife, were not paid any salaries last year having taken home €250,000 in 2002.

The company increased its staff numbers during the year from 19 to 31.

The accounts said that Mr Desmond last year acquired a 15% stake in British rival Mean Fiddler Group, run by Waterford man Vince Power.

Mr Desmond, 52, is also involved in Santa’s Kingdom, the festive fun park.

According to some estimates, Mr Desmond and his wife are worth close to €80m.