Profits at Van Morrison company top €3m

Accumulated profits at singer Van Morrison’s production company rose to £2.6m (€3m) last year, newly filed accounts show.

The accounts for Exile Productions cover the 12 months to the end of last April; a period in which the singer-songwriter toured extensively to mark more than 50 years in the music business and sold the rights to more than 30 of his albums to Sony.

No price was disclosed for the deal which didn’t include the rights to two of Mr Morrison’s most popular albums, Astral Weeks and Moondance, as they remained with Warner Brothers, which originally released those albums.

The abridged accounts for Exile Productions don’t reveal the revenues recorded by the firm during the year. The £2.4m profit generated in the year was up from one of £216,853 a year earlier.

The company’s cashpile increased from £367,405 to £2.55m, while monies owed to the firm by debtors increased from £2m to £3.29m.

Meanwhile, separate figures from trade industry journal, Pollstar show that Mr Morrison’s sold-out gig at Dublin’s 3Arena in November 2015 took in €671,334 at the box office, with that money being shared between venue, artist and promoter after all other costs are paid.

Van Morrison’s creative energy shows no sign of slowing down as he released his 36th studio album, Keep Me Singing last September to critical acclaim.

The 71-year old also continues to perform live.

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