Top stars help boost sales at Universal Music Ireland

Sales of music by U2, Taylor Swift, Rihanna and Hozier helped the Irish arm of music giant, Universal to increase revenues and return to operating profit last year.

Figures lodged by Universal Music Ireland Ltd with the Companies Office show t the firm recorded an operating profit last year of €1.6m. That was hard on the heels of the operating loss of €636,304 recorded in 2014.

The business recorded the return to profit after revenues increased by 6% to €13.2m in 2015. According to the directors’ report, even though revenue increased “the company continued to experience difficult trading conditions as a consequence of the ongoing recovery from economic recession and illegal downloading”.

“The company maintained its leading market share in the Irish music market in 2015,” the directors said.

The figures show that even though revenues overall rose, CD sales at Universal fell €389,000 to €6.2m. However, sales from royalties and licence fees climbed 15% to €6.69m. It also generated €306,120 in distribution fees.

The pre-tax profit of €1.6m was, however, down from €12.8m in 2014. Profits in 2014 had been boosted when the group waived loans of €13.49m. Staff numbers rose slightly to 17 people, and employment costs were unchanged at €1.5m.

Pay for the firm’s two directors, Mark Crossingham and Nick Younger, fell from €560,709 to €544,499 in the year. At the end of December, the firm had accumulated profits of €2.62m and cash of €303,517.