Future bright for Ardmore Studios

Ardmore Studios is due to return to profit this year after securing two major productions including one led by Hollywood stars Michael Fassbender and Maggie Gyllenhall.

It comes just months after the studios in Co Wicklow were threatened with closure after missing out on a contract for US television series, Vikings.

But Siún Ní Raghallaigh, CEO of Ardmore Studios, said the studios will see “a return to profitability in 2013”.

Abridged accounts just lodged by Ardmore Studios Ltd with the Companies Registration Office show the company’s accumulated losses rose by €987,622 from €338,192 to €1.325m in 2011.

This followed the firm recording a pre-tax profit of €386,094 in 2010 that was boosted by the filming of The Tudors that ended production in 2010.

Ms Ní Raghallaigh said the company — which is co-owned by U2 manager, Paul McGuinness and Dublin businessman Ossie Kilkenny — will also record a loss in 2012.

However, she said that 2013 has kicked-off with two significant productions, Element Films’s latest film Frank and Jam Media’s Bafta winning children’s TV series Roy.

Frank is directed by Lenny Abrahamson and stars Fassbender, Gyllenhall, and Domhnal Gleeson.

Ms Ní Raghallaigh said: “The prospects for 2013 are good and will see a steady level of production with a combination of film, television, and commercial work.”

She said shareholders, Mr Kilkenny, Mr McGuinness, and Enterprise Ireland, “remain committed to the studios and are fully supportive of the future plans”.

The projected return to profit follows what Ms Ní Raghallaigh described as “a significant restructuring programme involving cutbacks and redundancies” in 2012.

She said the restructuring, — including a total of nine redundancies — “was necessary to make sense of the cost base and part of the restructuring involved securing a loan facility”.

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