Jedward laugh all the way to the bank

Pop twins Jedward are singing and dancing all the way to the bank with accounts showing that their entertainment firm recorded profits of over €400,000 last year.

John and Edward Grimes established their firm, Planet Jedward Ltd, in 2010 and accounts for the first full year show the company had profits of €418,440 in the 12 months to the end of December last.

The firm was set up on Dec 10, 2010 and as Planet Jedward is a small firm, it is not required to reveal the revenues it generates or the salaries or dividends it would have paid out during the year.

The twins’ lucrative career has been steered by Louis Walsh and they employ Limerick-based accountancy firm Live Wire Business Management, which specialises in the sports and entertainment industries, to look after their accounts.

The profits generated last year followed Jedward’s Eurovision debut in 2011 where their song, ‘Lipstick’, went to No 1 in Ireland.

The twins — who turned 21 last month — also boosted their revenues during 2011 by appearing on Celebrity Big Brother, making it to the final. The firm’s revenues were also boosted by the release of Jedward’s Victory CD in July of last year and a tour comprising of dates in Ireland, Northern Ireland, Sweden, and Germany.

As well as boosting their coffers with the release of their second album, the twins appeared in a stage production of Jack and the Beanstalk at the Olympia theatre.

The twins are reported to be receiving €150,000 for 36 performances of panto Jedward and the Magic Lamp this Christmas.

The brothers are also reported to have signed a €200,000 deal to play themselves in a stage musical next year.