Abhann Productions arrests decline to turn profit of almost €800,000

THE COMPANY behind Riverdance , Abhann Productions, has reversed its recent fortunes to turn a profit of almost €800,000 in the…

THE COMPANY behind Riverdance, Abhann Productions, has reversed its recent fortunes to turn a profit of almost €800,000 in the year to the end of June 2008, accounts filed to the Companies Office show.

Abhann’s directors, John McColgan, Moya Doherty and Joan Egan, shared remuneration of €2.4 million, up 39 per cent on the previous year.

After two years of decline, turnover at the group increased 42 per cent during the year to €24.7 million.

The bulk of this relates to income from its stage shows, which arrived at €17.9 million, up 36 per cent on the previous year.

READ MORE

The company also earned €4.3 million from its share of the profits on the development of live theatrical productions and €1.6 million from programme and audio-visual sales.

Most of the income came from Europe, which accounted for €14.1 million of Abhann's turnover, while North America contributed €8.85 million and Asia accounted for €1.75 million. The company did not earn any income from Asia in the previous year, but Riverdancebegan a tour in Japan in May 2008.

The group’s profit of €783,797 in the year to June 2008 compares to a loss of just over €1 million recorded the previous year.

The company’s employment costs have sharply reduced in recent years, with wages and salaries arriving at €477,631. The average number of people working for the company was 11, who are all classed as management and administration.

Mr McColgan and Ms Doherty, the co-founders of Riverdancealong with composer Bill Whelan, are the only two shareholders in Abhann Productions.

Riverdance, the 15-year-old Irish dancing phenomenon, now has three separate dancing companies touring the world at any one time.

Laura Slattery

Laura Slattery

Laura Slattery is an Irish Times journalist writing about media, advertising and other business topics