Cork Opera House takes €7m hit in venue's 'most difficult period'

The Cork Opera House was forced to lay off staff, with numbers falling from 49 to 14, and also received Covid-19 Wage Supports

Cork Opera House closed on March 12, 2020, due to Covid-19 and remained closed for the 12 months under review. File photo

The Cork Opera House’s revenues collapsed by €7million - or 98.65% - last year due to a prolonged Covid-19 enforced closure.

New accounts for The Cork Opera House DAC show that the venue’s revenues for the 12 months to the end of March last year totalled just €95,493. This compares to revenues of €7.09m for the prior year.

The venue recorded pre-tax losses of €226,247 for the year and this followed a surplus of €111,640 for the prior year - a negative swing of €337,887. The Cork Opera House - which also operates the Half Moon Theatre closed on March 12, 2020, due to Covid-19 and remained closed for the 12 months under review.

With the easing of restrictions, the Opera House is now back in operation with a busy programme of upcoming events including Dara O Briain, Tori Amos and the Blindboy Podcast Live.

In his report, chair of the Cork Opera House, Tim Healy stated that “our strong performance over previous years has put us in a good position to weather the storm and throughout the closure, we have made every effort to ensure our future survival, including reducing costs in all areas of the business”.

The Cork Opera House was forced to lay off staff and also received Covid-19 Wage Supports. Numbers employed fell from 49 to 14 and staff costs went down from €1.86m to €656,341.

Mr Healy said: “We have done everything we can to reduce costs as much as possible in this time with a view to our long-term survival.” In her report, CEO Eibhlin Gleeson said that the year “has been the most difficult period in Cork Opera House’s recent history”.

Ms Gleeson stated that “without shows on our stage and patrons coming through our doors, we have been unable to sustain the strong financial position we had become accustomed to”.

Ms Gleeson said that “our recent years of healthy profits and cost-saving exercises has meant that we have been in a strong position to weather the storm”.

On the Covid-impact on Opera House staff, Ms Gleeson said that “this period has been devastating for many of them. "We look forward to a stronger future and our inevitable recovery which will not be possible without the dedication and hard work of our workforce,” she added.

The accounts show that the Cork Opera House received grants during the year totalling €979,637 - twice the level of grant funding of €489,031 received in 2020.

The grant aid was made up of Covid-19 wage supports of €299,694, €250,000 from Cork County Council and Arts Council funding of €404,943. €25,000 was also received from AP Wireless.

At the end of March last, the Cork Opera House had shareholder funds of €4.2m. The venue operator’s cash funds increased marginally from €1.22m to €1.24m.