Sold-out gigs boost pre-tax profits at O2

Sold-out gigs by Rihanna, Katy Perry, and George Michael at Dublin’s O2 last year contributed to the arena’s co-owners recording a 5% increase in pre-tax profits to £6m (€7.45m).

According to accounts just lodged by UK-based Apollo Leisure Group, revenues dipped by 2% from £16.5m to £16.1m in the 12 months to the end of December.

The group’s only operating subsidiaries are the Dublin-based Amphitheatre Ireland, which operates the O2, and Live Nation Ireland Holdings, an investment holding company that receives dividends from Amphitheatre Ireland.

According to figures from music journal, Pollstar, 670,846 music fans last year attended the Live Nation- operated O2 making it the fifth-best attended music arena in the world.

Pollstar confirms 82 gigs at the venue grossed $50.7m (€36.26M) last year with the receipts shared between the venue, the promoter, and the artist.

Figures provided by Pollstar for the first quarter of this year show the O2 has slipped to being the eighth-best attended arena in the world for that period with 138,419 music fans attending.

The O2’s gross receipts do not include the revenues the venue generates from ancillary revenues at its gigs.

The 14,500-capacity O2 is jointly owned by Dublin businessman Harry Crosbie and the Los Angeles-based concert promoters, Live Nation, which counts U2, Madonna, and the Rolling Stones amongst its acts.

According to accounts lodged with Companies House in the UK, Apollo Leisure Group increased its operating profit last year by 12% from £5.5m to £6.1m.

The figures show interest receivable totalled £378,189 with interest payable of £490,210 reducing the group’s profits to £6m.

The company paid a dividend of £2m following a £12.2m dividend pay out in 2010. The pre-tax profit takes account of non-cash depreciation costs of £2.7m last year. Numbers employed rose from 37 to 45. Staff costs decreased by 8% from £2.1m to £1.9m.

At the end of December last, the firm had £32.6m in accumulated profits. The firm’s net assets of £54.3m included £9.5m in cash.

The figures show Mr Crosbie owed £418,901 to Amphitheatre Ireland last December after not owing the firm any money the year previous.

A note states revenues include £958,587 in management charges from Grand Canal Theatre to Amphitheatre Ireland for the day to day operations of theatre, now known as the Bord Gáis Energy Theatre.

The top grossing run at the O2 was recorded by singers from the TV Glee. The figures show Glee’s four sold-out shows last July grossed $3.57m.