The firm that operates one of the country's best known live entertainment venues, the Bord Gáis Energy Theatre in Dublin last year returned to profit to record post tax profits to the tune of €2.15m after two years of Covid-19 related losses.
New accounts filed by Crownway Entertainment Ltd show that the theatre firm returned to profit as box office revenues increased more than four fold from €2.42m to €9.94m.
The firm’s total revenues of €12.89m also included food and beverage revenues of €2.94m.
The profit of €2.15m followed two years of Covid-19 related losses where the venue company incurred a loss of €1.28m for 2021 and €2m for 2020.
This followed the theatre going 'dark’ in March 2020 due to Government Covid-19 restrictions and remained shut for the following 18 months only re-opening in September 2021.
The venue sustained a cumulative €15.5m revenue hit during the two years of Covid-19 restrictions and the 2022 revenues of €12.89m top the pre-Covid-19 2019 revenues of €10.69m.
Last year, patrons to the Bord Gáis Energy Theatre in Dublin's 'Silicon Docks' paid to see the likes of productions of Chicago, Sister Act and Les Miserables.
Upcoming performances at the Daniel Libeskind designed theatre include Kieth Barry, The Rocky Horror Show and family musical, Charlie and the Chocolate Factory which will run over Christmas.
Global music events and venue operator, Live Nation operates the 2,111-seat venue and the profit for last year includes combined hefty non-cash depreciation and amortisation charges of €1.38m along with interest payable and other charges of €588,634.
The company recorded a pre-tax profit of €2.66m and the company enjoyed a post tax profit of €2.15m after incurring a corporation tax charge of €507,604.
The venue firm last year received €184,166 in Covid-19 Employer Wage Subsidy Scheme (EWSS) payments which followed €359,381 under the same heading in 2021.
The company received a €222,146 Live Performance Support Scheme payment in 2021 that did not re-occur last year and a €207,500 Covid Restrictions Support Scheme (CRSS) that also did not re-occur last year.
Staff numbers last year declined from 49 to 47 and staff costs increased from €1m to €2.48m.
At the end of December last, the company had shareholder funds of €13.03m that included accumulated profits of €3.23m. The company's cash funds last year increased from €10.67m to €14.79m.
Crownway is a private family investment company owned by John and Bernie Gallagher.
It acquired the theatre in 2014 for €29.1m. Businessman, Harry Crosbie, opened the theatre in 2010 but lost control of the property after his loans were transferred to Nama.
Reporting by Gordon Deegan
