Savoy cinema owner IMC sees profit rise to just under €8m

Group gained ownership of Savoy cinema in early 2013 after ending of bitter dispute

According to the latest accounts for IMC, shareholders’ funds rose from €9.5 million to €10.2 million for the 12 months ending October 31st, 2015.

According to the latest accounts for IMC, shareholders’ funds rose from €9.5 million to €10.2 million for the 12 months ending October 31st, 2015.

 

IMC, the owner of the Savoy cinema on Dublin’s O’Connell Street, saw profits increase to just under €8 million last year.

Newly filed abridged accounts for Irish Multiplex Cinemas Limited, which operates 16 cinemas in the Republic and a further three in Northern Ireland, shows accumulated profit rising to €7.99 million for the 12 months ending October 31st, 2015. This compares with a profit of €7.23 million a year earlier. The firm’s directors are Paul Ward and Carol O’Riordan.

IMC, which has more than 130 screens, owns and runs the Savoy, the cinema of choice for film premieres in the Republic. It was also the owner of the Screen on D’Olier Street, which closed earlier this year.

Dispute

The group gained ownership of the Savoy, Dublin’s oldest operational cinema, in early 2013 following the settlement of a bitter dispute between the Ward and the Anderson families, which ended a business relationship dating to the late 1940s. Under that agreement, the Wards gained the Savoy, while the Andersons took control of the popular Cork Omniplex.

Prior to the split, the Wards and Andersons controlled about half of the Irish cinema market between them.

According to the latest accounts for IMC, shareholders’ funds rose from €9.5 million to €10.2 million during the year under review while cash at hand rose to €2.7 million from €1.9 million.

Staff costs, including directors’ salaries, totalled €811,708, down from €903,573. The group employed 42 people across operations and administration, down from 44 in the preceding year.