Live Nation records big jump in Dublin 3Arena profits

Firm linked to Electric Picnic made trading profit of nearly €1m

U2 perform at the 3 Arena. The Live Nation-controls the companies that run the venue saw profits rise 75 per cent. Photograph: Eric Luke

U2 perform at the 3 Arena. The Live Nation-controls the companies that run the venue saw profits rise 75 per cent. Photograph: Eric Luke

 

The Live Nation-controlled group of British and Irish companies that run the Three Arena (3Arena) in Dublin recorded a near 75 per cent jump in profits last year to more than £5.7 million (€6.4 million).

Live Nation this week filed documents for a number of its Irish companies, including Amphitheatre Ireland, the entity that operates 3Arena. The results are consolidated into a British entity, Apollo Leisure, which says all of its revenues are generated from “concert promotion in Ireland”.

Apollo recorded just a 2 per cent rise in turnover in 2015, account to the accounts, but profitability soared after it cut back its cost base. It owes £24 million, including £17 million to other group companies.

The group behind the 3Arena values its fixed assets at close to £40 million and has retained ptrofits of £28.5 million. Following the recent drop in sterling, the contribution to Live Nation from its Irish operations will be even more lucrative in future accounts, when translated into the sterling currency of the group.

The Apollo accounts also reveal further details of the links between Live Nation and Denis Desmond’s MCD group, which is a partner with Live Nation in Festival Republic.

Apollo earned £2.4 million in venue hire from MCD last year and £165,000 in commissions.

Live Nation has also filed accounts for companies linked to the Electric Picnic music festival, which is operated by subsidiaries of Festival Republic.

EP Republic made a “trading profit” of close to €1 million last year, the accounts show, when Electric Picnic headline acts included Florence and The Machine, Underworld, Hot Chip and Manic Street Preachers.

Another company, EP Festivals, appears to give an accounting value for Electric Picnic of about €4.2 million.