Profits at the production company behind the screen adaptations of Sally Rooney's Normal People and Conversations with Friends last year increased more than four fold to €4.54m.
In a record year for the Dublin based Element Pictures Ltd, new accounts show that the company’s post tax profits of €4.54m for 2022 follow post tax profits of €1.05m for 2021- an increase of 332%.
The €4.54m profit for Element Pictures last year resulted in accumulated profits rising from €3.44m to €7.99m.
Last year, the firm co-founded by Ed Guiney and Andrew Lowe, confirmed that it sold a majority stake to global production and distribution giant Freemantle that will enable them "to expand their capacity and continue producing television and film for international audiences".
A note attached to the new accounts states that the directors "are pleased to report a trading profit for the year and are confident of consolidating that position in the coming year".
The company achieved the profits even after writing off €2.46m in loans owed by connected companies.
A note states that during the year, the company forgave connected company loans of €2.46m as the directors believe that "there was no chance of recoverability on these loans".
The loans written were €2.26m due from Picture Palace Cinema Ltd and €196,352 due from Light House Cinema Ltd. Picture Palace Cinema operates the art-house cinema, Pálás, in Galway city.
The most recent accounts for Picture Palace Cinema Ltd show that it recorded a Covid-19 related loss of €264,582 for 2021 resulting in accumulated losses of €1.8m at the cinema firm.
This year, the conveyor belt of quality drama from Element Pictures continues with the much anticipated release of Poor Things, starring Oscar winning actor Emma Stone and Mark Ruffalo.
Numbers employed by the business last year increased from 28 to 33.
Andrew Lowe and Ed Guiney sit on the board with Andrea Scrosati, Christian James Vesper and Stuart Jackson and pay to directors last year increased from €24,000 to €504,000.
The company last year recorded pre-tax profits of €5.63m and generated post tax profits of €4.54m after incurring a corporation tax charge of €1.08m.
The profit last year also takes account of non-cash depreciation costs of €109,234 and a foreign exchange loss of €172,761. The profit also takes account of interest payments of €60,614.
The firm's cash funds last year declined from €2.47m to €857,129.
Reporting by Gordon Deegan
