Riverdance group’s profits increase fivefold

A 50% increase in its US revenues contributed to pre-tax profits at the group that produces Riverdance increasing fivefold to €1.39m in 2010.

According to accounts just filed by Abhann Productions Ltd and subsidiaries, they show that revenues increased by 33% from €21.2m to €28.3m in the 12 months to the end of Dec 2010.

The pre-tax profit in 2010 of €1.39m follows a pre-tax profit of €249,315 in 2009.

The directors of the group are Riverdance co-founders Moya Doherty and John McColgan along with director and company secretary, Joan Egan.

Mr McColgan and Ms Doherty each own a 50% share in the group and the returns show that the Riverdance phenomenon continues to create wealth for its creators, with directors’ remuneration increasing by 39% from €1.8m to €2.5m in 2010.

The figures show that stage show income in 2010 increased by 31% from €17.8m to €23.4m with merchandising income rising from €1.1m to 1.5m.

According to the directors’ report, they “are satisfied that the results for the year are consistent with expected levels”.

Riverdance is currently on a 82-city farewell across the US and Canada that is expected to finish in June, with the production touring in Australia in May and a four month long tour of Ireland between June and September. The returns show that the firm’s busiest market in 2010 was Europe, where revenues of €13.6m were generated.

However, its US market recorded the strongest growth where revenues increased by 51% from €8.1m to €12.3m.

The figures show that 2010 saw steady growth in its Asia market, where revenues increased by 46% from €1.54m to €2.25m.

The figures also show that its productions generated €115,000 in revenues in the Middle East.

At the end of Dec 2010, the company had accumulated profits and shareholder funds of €3.9m.

The company’s cash during the year increased from €4.5m to €5.5m, with no bank loans.

The figures show that the firm’s cost of sales increased from €16.8m to €22.7m, with administrative expenses increasing from €4.1m to €4.2m.

The figures show that the money owed by the company to its directors reduced from €1.8m to €1.1m during the year.

During the year, the company paid €366,674 to its directors in rent.

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