'Substantial profits' for theatre

THE COMPANY operating the 2,111-seat, €80 million Grand Canal Theatre in Dublin’s docklands has reported “substantial profits” since it opened in March of this year.

In documents lodged with the Companies Office, the directors of Grand Canal Theatre Co Ltd say that since the venue started trading on March 18th last, management accounts prepared “are reporting substantial profits with very strong box office sales and other third-party sales”.

The disclosure is noted as a “post-balance sheet” event as the accounts covering the 14-month period up to February 28th 2010, when the company was not trading.

Harry Crosbie, who owns the lease on the theatre and is one of the directors said: “The response to the Grand Canal Theatre has been fantastic. The people of Ireland really seem to have taken it into their hearts.”

Mike Adamson, the chief executive of Live Nation Ireland which runs the theatre, said that “the majority of our performances have been sold out with 300,000 theatre patrons attending the Grand Canal Theatre during our eight months since we opened in March of this year”.

The abridged accounts confirm that the company generated €175,264 in advance ticket sales to the end of February last. The company had €292,914 in cash at the end of February. The accounts also confirm that an unnamed shareholder has provided the company with a €250,000 loan.

The figures show that the company incurred losses of €484,227 in the 14 months to the end of February last and these costs related to the employment of four staff in management and administration, which accounted for €179,236.

The loss also included €285,700 on administrative expenses. The losses were recorded as the company generated no turnover during the period.