Denis Desmond boosted by Festival Republic

The country’s most successful concert promoter, Denis Desmond, has added to his fortune by sharing a dividend totalling £5m (€5.9m) from his Festival Republic business last year.

Last year, the Irish arm of Festival Republic staged the sold-out Electric Picnic at Stradbally, Co Laois.

New figures for its UK arm, Festival Republic Ltd just lodged with Companies House in the UK show that the company recorded a 30% decrease in pre-tax profits last year to £3.86m.