U2 record label sees profits rise by €2m

THE record label behind U2 and rapper Eminem saw its Irish profits rise by almost €2 million last year.

Universal Music Ireland booked pre-tax profits of €8.7 million in the year to end December 2004, up 21% on the €6.8m made in the previous year.

Universal’s accounts, which have just been filed at the Companies Registration Office, show turnover rose from €20.2 million to €24.3 million. The increase in profits and turnover is the first for two years and indicates that the overall Universal group is recovering after a disastrous couple of years.