‘Brooklyn’ boosts profits at Dublin Cinema Group

The Oscar-nominated ‘Brooklyn’ helped drive profits at the family-controlled Dublin Cinema Group last year.

‘Brooklyn’ boosts profits at Dublin Cinema Group

New figures lodged by Dublin Cinema Group Ltd to the Companies Office show that post-tax profits increased by 5.4% to €799,187 in the 12 months to the end of October.

The Ward family owns the Savoy cinema in Dublin and the directors state that they believe that they can maintain profitability in the coming year.

The family firm’s coffers were boosted by the largest grossing movies of the year including Fifty Shades of Grey which enjoyed a box office gross of €2.69m in Ireland, Brooklyn on €2.64m, Minions on €4.25m and the latest instalment of the James Bond franchise, Spectre with a box office receipts of €4.5m.

The figures show that members of the Ward family — Paul, Mary, Emily, Audrey, Rachel and Lorcan shared a €462,000 dividend last year.

The accounts show that pre-tax profits at the firm last year fell 2% to €930,555.

Post-tax profits rose after the firm paid a smaller corporation tax bill of €131,368.

The firm’s gross profit last year increased marginally from €2.65m to €2.69m.

The Wards and Andersons controlled about half of the Irish cinema market between them until they went their separate ways in 2013, with Dublin Cinema Group the linchpin of their combined operations.

Leo Ward and Kevin Anderson, who were half-brothers, first went into business together in the 1940s.

The extended families fell out over plans by the Andersons to open a new cinema in Dublin to compete with their joint operations.

The Wards have also invested heavily in their operations in recent years under the IMC banner.

Their 13-screen outlet in the Square shopping centre in Tallaght reopened in 2012 after an investment of more than €6m. The cinema had been closed for almost two years.

The Wards and other cinema owners here benefit from Ireland having the highest cinema admissions per capita in the EU.

Numbers employed by Dublin City Group last year increased from 42 to 43 people, with wages and salaries increasing marginally to €745,377.

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