The Royal Dublin Society (RDS), operator of Ireland's largest event centre, posted an 18 per cent increase in profit last year on the back of income from auditions for the Big Brother reality TV series and the decision by Leinster to play their Heineken European Cup home matches in the Ballsbridge facility.
Income at the RDS rose to almost €13 million last year from €11 million in 2004, led by gains in commercial activity, the society's annual report showed. However, the treatment of pensions in the new FRS 17 accounting standard led the RDS to turn to a net loss of €1.1 million in 2005 from a profit of €865,000 a year earlier.
The number of events held by the society last year increased 15 per cent to 272, making 2005 the busiest year for the RDS. The society held 71 exhibitions, 25 examinations, 14 conferences and eight concerts, including performances from Elton John and Iron Maiden.
"The economy is strong, so there were a lot of conferences and a lot of shows, from gift shows to property shows," said Michael Duffy, who took up the post of chief executive three years ago. The RDS added new business by clinching a deal with Leinster Rugby to host the province's Heineken Cup matches.
The society also set about expanding its complex in Ballsbridge by embarking on a €100 million redevelopment. It outlined plans last year to revamp the site in phases over the next 10 years. The redevelopment includes four office blocks, an upgraded Anglesea Stand, and other facilities. The RDS has already started work on one of two 4,799 sqm buildings adjacent to its Simmonscourt complex.
"The office market is good - rent is increasing and vacancies are decreasing," Mr Duffy said. "The role of our office development is to provide a secure source of income for the society in the future."
The RDS was founded in 1731 to promote agriculture, the arts, history and industry.
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