Troy Studios profits rise 50% to €1.49m

Profits at the company behind the largest production studio in Ireland, Troy Studios, last year increased by 50 per cent to €1.49 million.

The company posted profits of €993,556 in 2019. Its shareholder funds totalled €3.27 million.

Troy Studios is privately held and is backed by a number of investors including financier Joe Devine, whose Olcott Entertainment group acquired Ardmore Studios in 2018.

The company recorded the sharp increase in profits in spite of production being paused temporarily until the second half of 2020 due to Covid-19.

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The book value of the company’s tangible assets last year increased €11.25 million, while the company’s cash funds reduced from €748,475 to €665,275.

The profit takes account of non-cash depreciation costs of €723,401. Pay to directors last year increased from €251,803 to €345,846.

Productions shot at Troy Studios include the Syfy series Nightflyers and the Apple TV+ series Foundation.

Relief

The State’s film tax relief scheme, operated by Revenue, is crucial for the success of the studios.

Earlier this year figures released by Revenue showed that production company Wild Atlantic Pictures Ltd which made the €45 million Foundation series – shot at Troy Studios – qualified for the Revenue’s section 481 tax reliefs ranging from €10 million to €30 million for the production

The series, based on the Isaac Asimov work, is one of the largest ever TV productions to take place here and employed more than 500 production staff.

Jared Harris – who won awards for his lead role in the Sky Atlantic show Chernobyl – is playing Hari Seldon in the 10-part series.

Troy Studios spans 26 acres and has four sound stages totalling 100,000sq ft. The studios has an overall footprint of 350,000sq ft under one roof with a five-acre backlot.