IN MORE genteel times, when the Royal Dublin Society provided an exclusive club for those of discreet wealth and influence, any proposal to whip up income by opening its stately portals as a venue for mass entertainment would have had members spluttering in their vintage port. Staging the Bank of Ireland/RTE Proms may have got the nod of approval but concerts by the likes of Rod Stewart and Bon Jovi would have invited open revolt.
Times change and the RDS has evolved into a facility catering for a wide variety of commercial, cultural and sporting activities.
Broadening the business base has produced strong profit growth. Annual results this week show a 47 per cent improvement in profits to £520,000. Investment income of £273,000 comprised 36 per cent of profits. Revenue from commercial lettings increased 23 per cent to £2.3 million, with the growing exhibition business producing larger bookings and new events. Total income rose from £3.6 million to £4.1 million.
The society hopes to get approval for the siting of a £25 million National Convention Centre on RDS property. Chief executive Shane Cleary believes the RDS is a logical choice given its track record in conferences and prime location. A worrying trend is the continuing fall in membership, although revenue from membership is increasing. RDS management is "confident " of a continued improvement in profitability this year.
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