Chief executive of Ardmore Studios, Siún Ní Raghallaigh yesterday confirmed the studio is expecting to break-even in 2013 following losses of €851,873 in 2012 and €987,622 in 2011.
Ms Ní Raghallaigh said: “Ardmore has made a considerable investment in the upgrading of the studios and the facilities. This has resulted in a gradual growth of the business with a mixture of work during 2012 and 2013.”
The chief executive said factors behind the 2012 loss “relate to very little activity in the first half of 2012, restructuring costs and redundancy costs.”
According to the 2012 accounts the firm significantly reduced its cost base in 2013 with redundancies, efficiencies and outsourcing. There were nine redundancies in 2012.
Productions starring Chris O’Dowd, Michael Fassbender and Maggie Gyllenhall have boosted revenues this year.
The business was also boosted by JAM Media’s BAFTA winning children’s series Roy moving to the studios for two series.
Ms Ní Raghallaigh said: “In July, 2013, we were delighted to welcome John Logan to Ardmore with a new series entitled Penny Dreadful – a co-production between UK company, Neal Street and Octagon Films.” The series is the brainchild of multi-Oscar nominated screen writer, John Logan and Ms Ní Raghallaigh said the production will with Ardmore until March 2014 and it is due to air in the US in 2014”.
Ms Ni Raghallaigh said “the changes to the Section 481 tax break are potentially a game changer.
“With the tax break set to remain in place until at least 2020, the industry is in a good position to really grow a strong and lasting content creation business.”