Profits fall at O2 despite sold-out gigs

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).

According to accounts just lodged by UK-based Apollo Leisure Group Ltd (ALGL), revenues dipped 4% from £16.1m to £15.5m in the 12 months to the end of Dec 31, 2012, with pre-tax profits dropping from £6m to £4.9m.

The group’s only operating subsidiaries are the Dublin-based Ampitheatre Ireland Ltd that operates the O2 and Live Nation Ireland Holdings Ltd, an investment holding company that receives dividends from Amphitheatre Ireland Ltd.