Cash pile at O’Donnell’s company tops €1m

The cash pile at Daniel O’Donnell’s main firm almost doubled last year to top €1m.

However, accounts show the Donegal crooner’s business is not immune from the effects of the recession, with his firm’s fixed asset investments incurring a writedown in value of €2.1m.

Accounts for O’Donnell’s DOD Promotions Ltd show accumulated profits reduced from €4.89m to €3m as a result of the writedown of fixed asset investments from €2.6m to €500,000.

Before the exceptional €2.1m cost, the firm recorded a profit of €219,000 last year. In the year to the end of Oct 31, 2012, the firm’s cash pile increased by 56%, from €666,632 to €1.037m.

A major contributor to DOD Promotions is the 51-year-old’s own touring company, Brockwell Ltd.

DOD Promotions last year received €374,232 from Brockwell and was due an additional €1.2m at year end.

The figures do not provide a turnover figure, but do show it paid €116,328 in corporation tax last year.

Seán Reilly, O’Donnell’s manager, serves as a director of DOD Promotions.

At the end of 2011, Brockwell had accumulated profits of €2m and cash of €1.5m.

During his lucrative career, O’Donnell has sold over 10m records.

Addressing on his website his financial success he has enjoyed, Daniel said: “I’ve never sung to make money. When I’m performing I never think about how much I’m making on the night. I sing because I love it and the money is just a by-product of what I do.

“My biggest payment is being on the stage and that is a big part of the secret of my success. If it all ended tomorrow, I couldn’t say there is anything the world could have offered me that is better than what I have.

“Being a ‘personality’ is, I suppose, what I have become as a result of my success as a singer. I do feel that I have handled it well because I haven’t allowed it to change me as a person.”

A recent blog post on his website by his wife, Majella, shows he has been enjoying the fruit of last year’s labours over the past number of months.

She said the two spent January in Tenerife and in February, Daniel performed on a Caribbean cruise before the pair had a two- week break in Florida. They are now on a six-week holiday in Tenerife.

“This is the most time that Daniel has taken off in the 30 years that he has been singing and he deserves it.”