Singer Dermot Kennedy’s company makes record profits in 2022

Profits at the touring firm owned by the one of the country’s most popular artists, singer-songwriter Dermot Kennedy, last year increased 21-fold to €1.769 million.

Accounts for Kennedy’s Riggins Touring Ltd show it bounced back from the Covid-19 enforced shutdown of the live music industry to make record profits for the company in 2022.

The post-tax profit of €1.769 million for the 12 months of last June compares to post-tax profits of €81,877 for the previous year.

The profit for last year resulted in the company having accumulated profits of €2.397 million at the end of last June

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Best known for hit songs such as Giants, Paradise, Better Days and Outnumbered, Kennedy last year made up for lost stage time during Covid with a slew of dates across Australia, the US, the UK, Europe and Ireland.

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The year 2023 promises to be even more lucrative for the 31-year-old Dubliner with the managing director of MCD Productions Denis Desmond saying earlier this year that Dermot Kennedy will play to 155,000 people this summer over five shows with three taking place at Thomond Park in Limerick and two shows at Marlay Park in Dublin.

Kennedy released his second studio album, Sonder, last November.

The cash funds at the business last year increased from €911,473 to €1.679 million while the amount owed to the firm by debtors increased from €589,304 to €2.675 million.

The profit for last year takes account of non-cash depreciation costs of €27,771 and a profit of €77,115 made on foreign currencies.