Rising expenses eat into operating profits at U2’s management firm

U2’S management firm Principle saw profits fall by over €1 million last year.

According to accounts just filed at the Companies Registration Office, Principle Management made a profit after tax of €151,776 in the year to end March 2005.

This is down on the €1.24m the company made in 2004. Results in that year were boosted by the recovery of a loan worth almost €1m.