Profit at Glen Hansard’s firm falls 70% due to Covid impact

Musician’s company was sitting on accumulated profit of €1.328m at end of November

The impact of Covid-19 on the global live music industry sent profits tumbling at Glen Hansard’s entertainment firm last year.

According to new accounts, the Oscar-winning singer-songwriter's company Plateau Records Ltd recorded a post-tax profit of €25,895 in the 12 months to the end of November last.

This represented a 70 per cent drop on the profits of €93,409 for the prior year.

At the end of November last, the company was sitting on accumulated profits of €1.328 million.

The accounts show that the artist shared directors’ pay of €203,853 last year, including pension contributions of €8,000.

This was a 28.5 per cent drop on directors’ pay of €285,000 that included pension contributions of €24,000 for 2019.

The cash pile at the company last year increased marginally from €896,685 to €904,378.

Like all performers across the live music industry, Hansard has had his income decimated since March of last year.

The year under review covers the first nine months of the pandemic where Covid brought about a shutdown of the music industry.

According to Hansard’s website, he is due to join old colleagues in the Frames – the band with which he first came to prominence more than 25 years ago – for a number of dates in the United States in September.

Hansard serves on the board of Plateau Records Ltd with Claire Leadbitter.

The firm’s wealth is comprised of tangible assets with a book value of €352,646 and financial assets of €100,000 along with current assets made up of the cash and money owed by debtors of €27,167.

Gordon Deegan

Gordon Deegan

Gordon Deegan is a contributor to The Irish Times