£3.29m dividend for music promoter Desmond

Concert promoter Denis Desmond has added to his fortune by sharing a dividend totalling £3.29m (€4.1m) from his Festival Republic business last year.

Last year, the UK-based Festival Republic staged the sold out Electric Picnic at Stradbally, Co Laois, and new figures for Festival Republic Ltd just lodged with Companies House show that the company recorded a 22% increase in pre-tax profits last year to £6.15m.

This followed revenues increasing by 2.6% from £41.42m to £42.52m in the 12 months to the end of December last.