Movie ‘Room’ boosts Element Pictures profits

The box office success of Element Pictures for the multi-award winning Room resulted in a bumper year for the company last year.

Movie ‘Room’ boosts Element Pictures profits

This follows new accounts for the Element Pictures Ltd, run by Ed Guiney and Andrew Lowe, showing that profits at the business last year increased to €481,087.

It had posted profits of €456,100 in 2014.

The firm’s on-screen success has led to a strengthening of the company’s balance sheet with accumulated profits standing at €1.4m at the end of last year.

The numbers employed by the firm last year increased from 22 to 23, with staff costs, including directors’ salaries, increasing from €1.17m to €1.3m.

Directors’ pay, including pension contributions, last year fell from €305,459 to €282,356.

The firm has offices in Dublin and London and works across production, distribution, and exhibition.

Earlier this year, Ed Guiney joined the stars of Hollywood on the red carpet for the Oscars after the firm’s co-produced Room was nominated for Best Picture and three other nominations.

In the lead up to the Oscars, Mr Guiney said the company and the movie had already won by being nominated.

Following the nominations, Mr Guiney said: “We are truly ecstatic. To get four nominations from the Academy especially these categories is truly amazing and beyond our wildest dreams.”

Brie Larson won an Oscar for her performance in the movie.

The Oscar success for Room led to the movie having a worldwide box office of $35.4m (€33.3m), a huge return for a movie that had a $13m budget.

The firm also had success with The Lobster, winner of the Jury Prize in Cannes, starring Rachel Weisz and Colin Farrell.

In recent years, the movie production firm has shot to the top of the industry here with Lenny Abrahamson’s films Frank, What Richard Did, Garage, and Adam & Paul.

Other productions that the company has been involved include John Michael McDonagh’s The Guard and Peter Mullan’s The Magdalene Sisters.

Upcoming productions include The Killing of a Sacred Deer starring Colin Farrell.

The firm’s success is not confined to the big screen and it has scored a number of big successes on the small screen including the hit TV3 soap, Red Rock and the recent Charlie and Rebellion for RTÉ.

Red Rock is now an international success having been sold to the BBC and Amazon for the US market.

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