Theatre firm reports ‘substantial profits’
In documents just lodged with the Companies Office, the directors for Grand Canal Theatre Co Ltd report that since the venue started trading on March 18 last, management accounts prepared “are reporting substantial profits with very strong box office sales and other third-party sales”.
The disclosure is contained in a ‘post-balance sheet’ event as the accounts cover the 14-month period up to February 28, 2010, when the company was not trading.
Live Nation Ireland runs the venue and chief executive, Mike Adamson said: “We have had a very successful eight months since we opened the Grand Canal Theatre. It started with the sold out performances from the Russian State Ballet and has continued with full houses for shows like Chitty Chitty Bang Bang, Hairspray and many others.”
He added: “The picture remains good with ticket sales for Scrooge already very healthy and major productions like Calendar Girls arriving in February and the classic Sound of Music in April and many others such as Mamma Mia, Sister Act, Dirty Dancing and new opera and ballet companies due to be announced soon”
A company spokesman declined to state what level of profitability has been attained. The figures will be contained in the company’s returns for 2010. The abridged accounts confirm that the company generated €175,264 in advance ticket sales to the end of February last. The company had €292,914 in cash at the end of February.
The accounts also confirm that an unnamed shareholder has provided the company with a €250,000 loan.
The figures show that the company incurred losses of €484,227 in the 14 months to the end of February last and these costs related to the employment of four staff in management and administration, which accounted for €179,236.
The loss also included €285,700 on administrative expenses. The losses were recorded as the company generated no turnover during the period.
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