Profits up 50% at concert promoter’s UK business

Pre-tax profits at the UK-based entertainment group co-owned by concert promoter, Denis Desmond, last year jumped by 50% to £6.4m (€9m).

Academy Music Group (AMG) Ltd last year enjoyed the large jump in pre-tax profits in spite of revenues declining marginally by 0.5% from £32.3m to £32.12m. Mr Desmond heads up MCD Promotions here and through his joint venture with Live Nation, the LN Gaiety Holdings Ltd entity, he owns 26% of Academy Music.

AMG paid out £26.8m (€37.75m) dividends between 2011 and 2013 with none paid out last year. Next Tuesday, Hozier plays a sell-out gig at one of its 19 UK venues, the Shepherd’s Bush Empire.