Dividends paid out by operator of Dublin's O2 up 150%

DIVIDENDS PAID out by the company that operates Dublin’s O2 increased by 150 per cent last year.

Amphitheatre Ireland Ltd, which runs the Dublin music venue, sharply increased its dividend in a year in which more than half-a-million concert-goers passed through its doors.

The dividend increase is shown in accounts recently filed at the Companies Office by investment holding company Live Nation Ireland Holdings Ltd.

The holding company owns half of Amphitheatre Ireland Ltd. Last year it received €2.5 million in dividends from the O2, compared with €1 million in 2010, the accounts show.

Almost all of the holding company’s profits were from its Amphitheatre dividend, as the companys turnover was just € 67,000.

The holding company employed eight people in 2011 and made a pretax profit of €2.3 million, up 144 per cent.

Last year the O2 in Dublin held sell-out concerts by Rihanna, Katy Perry and George Michael.

Both the Dublin O2 operator Amphitheatre Ltd and Live Nation Ireland Holdings Ltd are owned by UK company Apollo Leisure Group, a subsidiary of US entertainment giant Live Nation.

UK accounts lodged by Apollo Leisure Group earlier this year showed a 5 per cent increase in pretax profits to £6 million (€7.45 million).

Dublin’s O2 is co-owned by US-based Live Nation and businessman Harry Crosbie.