Dermot Kennedy's touring company makes record €1.76m profit for 2022

Best known for hit tunes such as ‘Giants’, ‘Paradise’, ‘Better Days’ and ‘Outnumbered’, Kennedy last year made up for lost stage time during Covid with a slew of dates across Australia, the US, the UK, Europe and Ireland.

Profits at the touring firm owned by the one of the country’s most popular artists, singer song-writer, Dermot Kennedy last year increased 21 fold to €1.769m.

New accounts show that Kennedy’s Riggins Touring Ltd bounced back from the Covid-19 enforced shut-down of the live music industry to make record profits for the company in 2022.

The post profit of €1.769m for the 12 months of last June compare to post tax profits of €81,877 for the prior Covid-19 hit year.

The profit for last year resulted in the company having accumulated profits of €2.397m at the end of last June.

Best known for hit tunes such as ‘Giants’, ‘Paradise’, ‘Better Days’ and ‘Outnumbered’, Kennedy last year made up for lost stage time during Covid with a slew of dates across Australia, the US, the UK, Europe and Ireland.

2023 promises to be even more lucrative for the 31 year old Dubliner with MD of MCD Productions Denis Desmond saying earlier this year that Dermot Kennedy will play to 155,000 people this Summer over five shows with three taking place at Thomond Park in Limerick and two shows at Marlay Park in Dublin.

As part of an extensive tour of the US Kennedy is to also play Madison Square Garden in New York City and Red Rocks Amphitheatre in Colorado in May and June.

The touring this year follows Kennedy releasing his second studio album, Sonder last November.

The cash funds at the business last year increased from €911,473 to €1.679m while the amount owed to the firm by debtors increased from €589,304 to €2.675m.

The profit for last year takes account of non-cash depreciation costs of €27,771 and a profit of €77,115 made on foreign currencies.

Director’s pay at the company was a very modest €1,250.

Separate figures published by trade industry journal, Pollstar show that Dermot Kennedy generated €891,028 over two dates at 3Arena in the period under review.

Box office receipts are shared between performer, promoter, ticket seller and venue operator.

Kennedy’s popularity reached new levels following his initial break-through when he took the No1 slot in both the Official Irish singles and album charts with ‘Giants’ and ‘Without Fear’.

Since the release of his 2017 EP ‘Doves and Ravens, Dermot Kennedy’s career has gone from strength to strength.

Kennedy’s debut album, Without Fear achieved multi-platinum status with top 10 single, ‘Outnumbered’ as well as hit tunes, ‘Power Over Me’ and Giants’.

Last year, Kennedy won the RTÉ Choice Music Prize Irish Song of the year for 2021 for his song, ‘Better Days’.