The firms that operate Ireland's two largest movie studios at Ardmore in Co Wicklow and Troy Studios in Limerick enjoyed contrasting fortunes last year.
New accounts for Ardmore Studios Ltd show that it recorded post tax profits of €1.52m last year and the post tax profits were 8% down on the post tax profits of €1.65m for 2021.
Separate accounts for Troy Studios Ltd show that the firm recorded a post tax loss of €1.77m last year and this followed a post tax profit of €2.92m in 2021.
The 26 acre Troy Studios is the country’s newest studio facility located in Limerick and its business has been boosted by hosting the likes of the Nightflyers production for Netflix and NBC Universal and Foundation for Apple+.
Across the 26 acres, the studio has four sound stages totalling 100,000 sq ft and an overall footprint of 350,000 sq ft under one roof with a five acre backlot.
In August 2021, the Troy and Ardmore businesses were sold by Olcott Entertainment for close to a reported $100 million (€85 million) to a US American joint venture, with extensive experience in television and film production.
California-based property group Hackman Capital Partners (HCP), its studio operator affiliate, the MBS Group, and investment house Square Mile Capital Partners took over the two studios in the deal.
Significant investment of around €30m has been made in the two studios in recent years as they have ramped up capacity to cater for demand brought about by the likes of streaming operators, Netflix, Disney and Apple+.
This is underlined in the new accounts for Ardmore Studios Ltd where it shows that the book value of the company’s tangible assets increased from €10.9m to €17.56m in 2022.
Ardmore has a rich history and the studios have welcomed A-list actors in the shape of James Cagney, Richard Burton and Peter O'Toole in the early years, to Tom Cruise, Meryl Streep, Christian Bale, Anne Hathaway, Julia Roberts, Josh Hartnett, Eva Green, Billie Piper and Timothy Dalton in recent years.
At the end of December last, accumulated profits at Ardmore Studios had increased from €4.69m to €6.2m. Shareholder funds totalled €7.54m.
The company's cash funds declined from €9.97m to €5.17m. The profit takes account of non-cash depreciation costs of €778,724.
In the accounts for Troy Studios Ltd, they show that the post tax loss of €1.77m includes a non-cash depreciation charge of €729,495.
At the end of December last, Troy Studios Ltd had shareholder funds of €4.42m that included accumulated profits of €1.7m. The company’s cash funds declined from €5.66m to €1.05m.
In 2018, Olcott acquired Ardmore, which, as a production studio, dates back to 1958. Ardmore was previously owned by accountant Ossie Kilkenny and former U2 manager Paul McGuinness for close to 30 years.
Troy was established in the former Dell Studios in Limerick in 2016 by the then Ardmore chief and current RTÉ Board chairwoman Ms Suin Ní Raghallaigh and Mr Kilkenny. Olcott was an early investor in the project.
Reporting by Gordon Deegan
