Pretax losses at the artist management company controlled by U2’s manager Paul McGuinness last year increased seven-fold to €1.8 million, writes Gordon Deegan.

Accounts filed by Principle Management Ltd show the firm’s revenues decreased from €4.8 million to €3.1 million in the year to the end of March 2011.

Mr McGuinness, his long-time associate Trevor Bowen and US-based Keryn Kaplan received aggregate remuneration totalling €1.6 million during the year.

The firm filed a pretax loss of €253,821 in 2010.