Louis Walsh business has x factor as entertainment firm posts €1.2m profit
X-FACTOR JUDGE Louis Walsh’s entertainment firm more than quadrupled its pre-tax profits last year to €1.268 million.
Figures show that managing pop duo Jedward and being a judge on ITV’s top-rated entertainment show is a lucrative business for the Kiltimagh man.
Accounts just filed by Walsh’s Brill Management Ltd firm show that its accumulated profits increased from €259,051 to €1.376 million in the 12 months to the end of November 30th, 2011.
Walsh, who turned 60 this week, recently signed a contract to be a judge on the X Factor series for a ninth year.
ITV’s director of television Peter Fincham said: “Louis is, quite simply, an X Factor institution.”
The figures show that cash at Walsh’s firm increased from €440,835 to €671,244 last year. Money owed to the firm decreased from €917,550 to €847,087. The firm recorded €1.26 million in profits last year after recording profits of €304,348 in 2010.
As the firm is a small company, it is not obliged to disclose revenues or to provide a profit and loss account.
The figures also show that Mr Walsh is the beneficial owner of the company’s premises at Appian Way, Ranelagh, Dublin 6, and received a rental income of €136,500 from it last year.
Earlier this year, Mr Walsh admitted in a newspaper interview that he had lost about €10 million as a result of the Irish property crash.
Commenting on the six properties that he owns – four in Dublin and one each in London and Miami – Walsh said: “Everything I bought here is worth half what it was. We were all hyped in the property boom. We were all told it was never going to end.”
The pop impresario has had a long career in the music business and managed two of Ireland’s most successful boy bands, Boyzone and Westlife.
Westlife, which have sold 44 million records worldwide, broke up after performing at Croke Park in June.
Walsh also has a sizeable art collection that includes works by Andy Warhol and David Hockney.