Riverdance production firm returns to profitability after strong sales

THE company that produces the Riverdance stage show returned to profitability last year as a result of strong sales in Europe.

Newly-filed accounts for Abhann Productions show pre-tax profit of €783,983 for the year to the end of June 2008.

The company had losses of €1m in the previous year and a loss of €6.6m in 2006.

Turnover for the year to the end of June 2008 increased to €24.7m from €17.4m while gross profit increased from €2.9m to €5.8m.

The accounts show that turnover from the show was up almost €6m in Europe to €14.1m, while it took a slight hit in North America with turnover dipping slightly from €9m to €8.8m.

The company had a turnover of €1.7m in Asia, where in the previous year it recorded no sales.

Overall turnover from the stage show was up to €17.9m from €13.1m in the previous year.

Income generated from programmes and audio visual sales was almost double last year from €830,000 to €1.6m.

The number of employees in the year stayed at 11, having halved in 2006.

Staff costs dropped slightly from €666,901 to €646,206.

“The group has developed an established place for itself within its market and will continue developments in this area,” the accounts read.

Riverdance was the brainchild of John McColgan and Moya Doherty, who came up with the performance as the interval act for the 1994 Eurovision song contest.

The couple launched a new show in late 2006 based on the life of the 16th century Irish chieftain and pirate Grace O’Malley.

The Pirate Queen opened in October 2006 in Chicago before transferring to Broadway in New York.

Reviewers were highly critical, with the New York Times saying it was “like the aimless milling of a crowd on a carnival”.