Ardmore profits down 69% despite hit show Dancing with the Stars

The staging of RTÉ hit show Dancing with the Stars at Ardmore Studios last year helped the studios to profits of €62,787 after tax.

According to chief executive Siún Ní Raghallaigh, 2018 was a strong year of growth for the Wicklow studios.

“We benefited from increased demand for sound studio space in Ireland,” Ms Ní Raghallaigh stated. “Underpinning that demand is our competitiveness in the international marketplace, where we offer a favourable film tax relief together with a high-quality studio infrastructure, excellent locations and highly skilled crews.”

However, the accounts just filed by Ardmore show profit fell 69 per cent last year. In 2017 Ardmore recorded profits after tax of €202,690.

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The profit last year takes account of non-cash deprecation costs of €311,708.

The accounts also show that pay to directors jumped sharply during the year – from €80,000 to €236,633. The company was acquired during the year by Olcott Entertainment.

The studio company employed 12 at the end of last year.

“We are seeing evidence of a healthy pipeline of demand for high-end studio space, which signals well for the coming years,” said Ms Ní Raghallaigh, “ and we anticipate more international productions considering Ireland with sustained support of the sector through Section 481.”

But she cautioned: “For Ireland to remain competitive and attract those higher-end budget productions, an increase in the cap for qualifying productions would be a significant step towards a significant scaling of the industry with a growth in high-skilled jobs associated with the changing trends in production.”