€3m loss for firm controlled by U2

A Dublin-based firm controlled by the four members of U2 plunged into the red last year.

New figures for the band’s U2 Ltd show that the firm’s accumulated profits plunged by more than €4.08m from an accumulated profit of €975,837 to an accumulated loss of €3.1m in the 12 months to the end of December last.

Figures just lodged with the Companies Office show the cash pile at the band’s firm last year fell 56% or €1.3m from €2.3m to €1m. Auditors, Mazars, confirm the company recorded a loss last year.

The principal activity of the company is the creation, protection and licensing of intellectual property and the abridged accounts do not provide a revenue figure or what may have been paid out in salaries or dividends during the year.

The downturn in the company’s fortunes coincides with a period of inactivity by U2 on the music front with the band’s 360° world tour ending in 2011 — that year, the tour grossed €169.2m shared between the band, promoter and venue owner after 2.38 million music fans paid to see the band in 34 gigs across 26 cities.

The band’s last album release was in 2009 when the four released ‘No Line on the Horizon’. The band is aiming to release a new album in 2014. U2’s first music in four years is Ordinary Love that is part of the sound track for the Nelson Mandela biopic.

The figures show the chief factor behind the band’s deficit at the end of last year was €5.5m owed to un-named employee current accounts. Nothing was owed under that heading in 2011.

U2 Ltd is controlled by Not Us Ltd, which has the four members of U2: Bono, The Edge, Adam Clayton and Larry Mullen as directors. Accounts for that company show accumulated losses rose from €5.6m to €8.3m. This mainly related to amounts owed to subsidiary holdings of €5.96m and amounts owed to related parties of €2.67m.