Revenues at superstar golfer Rory McIlroy's management and image rights firm last year surged by 37% to $24.2m.
That is according to new accounts which show that the Dublin based Rory McIlroy Management Services Ltd recorded a pre-tax loss of $1m in 2019.
However, the pre-tax loss arises after a non-cash write down of $18m in the golfer’s image rights during the year in accordance with accountancy rules.
The accounts disclose that the cash generated by the company from operating activities after tax totaled $14.7m for 2019.
The main activity of the company is managing royalty earnings and management fees for the golfer.
Prize money and other such earnings are not part of the Irish company's revenue because they tend to be treated as income, and taxed accordingly by the country where the earnings are won.
On the US PGA tour in 2019, McIlroy recorded tour earnings of $7.7m and this year McIlroy’s earnings on the Covid-19 disrupted US PGA tour earnings total $4.4m.
The earnings for the McIlroy company from royalties and management fees last year increased by $6.56m from $17.6m to $24.2m.
The directors of the company state that "income levels were in line with expectations".
The company recorded an operating profit of $809,067 and interest payments of $1.8m resulted in the pre-tax loss of $1.03m .
The company recorded a post tax loss of €2.87m after paying corporation tax of €1.83m.
The company's cash pile increased more than seven fold from $2.14m to $15m.
At the start of last year, the company had a $243m book value placed on McIlroy’s image rights and it reduced to $225m at the end of last year.
Rory McIlroy became a member of the board in January of last year and he joins his father, Gerry, Donal Casey and Sean O’Flaherty.
Last year, the pay to directors increased sharply from $1.99m to $2.28m.
At the end of last year the firm employed five made up of four directors and one in administration. Staff costs totaled $2.8m.