Sold-out concerts by One Direction and Van Morrison at Dublin’s O2 last year were not enough to prevent the group that operates the venue incurring a 17% drop in pre-tax profits to £4.99m (€5.83m).

LADY Gaga’s top grossing three-night run at the O2 in Dublin last year contributed to the co-owners of the venue recording pre-tax profits of £5.7 million (€6.5m) for 2010.

THE operator of the O2 arena in Dublin last year recorded after-tax profits of €7.15 million in the venue’s first full year of operation.