Contrasting fortunes: Ardmore makes €3.29m profit while Troy Studios makes €1.6m loss

This summer, Ardmore and Troy MD Elaine Geraghty told an Oireachtas committee: 'Since the removal of the [regional tax incentive] uplift, Troy has been almost 100% vacant'

Visitors on the set of SYFY's Nightflyers in Troy Studios, Limerick. The studio's accounts show it made a post-tax loss of €1.6m last year in contrast with Ardmore's €3.29m profit. Picture: Alan Place/SYFY

The firms that operate Ireland’s two largest movie studios at Ardmore in Co Wicklow and Troy Studios in Limerick had contrasting fortunes last year.

New accounts for Ardmore Studios Ltd show that it recorded post-tax profits of €3.29m last year — which was a 116% increase on the post-tax profits of €1.52m for 2022.

A note attached to the accounts states that Ardmore Studios Limited “is a market leading international brand renowned for film and television capability”.

It adds that the company “has a consistent track [record] in recent years of generating profit and cash”.

Ardmore operates eight sound stages ranging in area from 3,000 to 23,250sq ft, comprising just over 90,000sq ft in total. The profits take account of hefty non-cash depreciation costs of €1.18m.

Elaine Geraghty told the Oireachtas media committee in May that Troy had enjoyed almost 100% occupancy at first but that 'bar a limited number of small, short-term productions' the studios were now almost 100% vacant. Stock picture

In contrast, separate accounts for sister firm, Troy Studios Ltd, show the firm recorded a post-tax loss of €1.6m last year, 9% down on the €1.77m loss for 2022.

The 26-acre Troy Studios is the country’s newest studio facility located in Limerick and its business has been boosted by hosting the likes of the Nightflyers production for Netflix and NBC Universal and Foundation for Apple+.

Across the 26 acres, the studio has four sound stages totalling 100,000sq ft and an overall footprint of 350,000sq ft under one roof with a five-acre backlot.

In May of this year, the managing director of Ardmore and Troy Studios, Elaine Geraghty, described the impact of the removal of a ‘regional uplift’ movie tax incentive on Troy at a joint Oireachtas committee.

A scene from 'Foundation' on Apple TV+, filmed in Troy Studios, Limerick. 

Ms Geraghty told the joint oireachtas committee on tourism, culture, arts, sports and the media: 

"We have experienced huge success in Ardmore due to its facilities, recognition and accessibility in terms of location, crew, technology and on the other side, we have seen the huge consequences of the removal of the regional film development uplift.

When Troy was established we enjoyed almost 100% occupancy. But unfortunately, bar a limited number of small, short term productions, since the removal of the uplift, Troy has been almost 100% vacant. 

In August 2021, the Troy and Ardmore businesses were sold by Olcott Entertainment for close to a reported $100 million to a US-American joint venture, with extensive experience in television and film production.

California-based property group Hackman Capital Partners (HCP), its studio operator affiliate, the MBS Group, and investment house Square Mile Capital Partners took over the two studios in the deal.

Significant investment of around €30m has been made in the two studios in recent years as they have ramped up capacity to cater for demand brought about by the likes of streaming operators, Netflix, Disney and Apple+.

Ardmore has a rich history and the studios have welcomed A-list actors in the shape of James Cagney, Richard Burton and Peter O'Toole in the early years, to Tom Cruise, Meryl Streep, Christian Bale, Anne Hathaway, Julia Roberts, Josh Hartnett, Eva Green, Billie Piper and Timothy Dalton in recent years.

At the end of December last, accumulated profits at Ardmore Studios totalled €9.5m. Shareholder funds totalled €11.83m.

The company’s cash funds declined from €5.17m to €1.13m.

In the accounts for Troy Studios Ltd, they show that the post tax loss of €1.6m includes a non-cash depreciation charge of €699.728.