Pre-tax profits quadruple at Walsh’s entertainment firm

The X-Factor judge Louis Walsh’s entertainment firm more than quadrupled its pre-tax profits last year to €1.268m.

Figures show managing pop duo Jedward and being a judge on ITV’s top-rated entertainment programme is a lucrative business for the Kiltimagh, Co Mayo, man.

Accounts filed by Mr Walsh’s Brill Management Ltd show accumulated profits increased from €259,051 to €1.376m in the 12 months to Nov 30 last year.

Mr Walsh — who turned 60 this week — recently signed a contract to be a judge on the forthcoming series of The X Factor for a record-breaking ninth year.

After signing his contract, ITV’s director of television, Peter Fincham said: ‘Louis is, quite simply, an X Factor institution.”

Mr Walsh’s cash pile increased from €440,835 to €671,244 last year.

Monies owed to the firm decreased from €917,550 to €847,087.

The firm’s €1.26m profits in 2011 followed profits of €304,348 in 2010.

As the firm is a small company, it is not obliged to disclose revenues or provide a profit and loss account.

The figures also show that Mr Walsh is the beneficial owner of the firm’s premises at Appian Way, Ranelagh, Dublin, and received a rental income of €136,500 from it last year.

Earlier this year, Mr Walsh admitted in a newspaper interview that he had lost about €10m as a result of the Irish property crash.

Commenting on the six properties that he owns — which include four in Dublin and ones in London and Miami — he said: “Everything I bought here is worth half of what it was. We were all hyped in the property boom, we were all told it was never going to end.”

The pop impresario has had a long career in the music business and managed two of Ireland’s most successful ever boy bands, Boyzone and Westlife.

Westlife broke up after sell-out gigs at Croke Park this summer after selling 44m records worldwide. Mr Walsh also has a sizeable art collection that includes works by Andy Warhol.

Last month, an unemployed dance teacher, 25-year-old Leonard Watters was jailed for concocting a story that he was sexually assaulted by Mr Walsh.

In a newspaper interview, Mr Walsh said the night he was told a newspaper story was going to run on the made up allegation “was the lowest of my life”.

Watters from Woodview, Navan, Co Meath, was given an 11-month term, with five months suspended, for making up the claim.

More in this section