Profits boost for Universal Music Ireland

The Irish arm of record giant Universal Music enjoyed a tenfold increase in profits last year as the acquisition of part of fellow recording company EMI helped it to higher revenues.

Albeit from a relatively low base, Universal Music Ireland grew its profits significantly in the year, from €191,716 to €1.82m.

This upturn in performance was aided by UMI’s acquisition of the music arm of EMI Ireland, as part of a larger group takeover, which received regulatory approval from the EU in September 2012 and was completed in 2013.