A Summertime sell out crowd at Cork's Virgin Media Park last year helped the firm behind Dublin band Kodaline to enjoy record post tax profits of €2.58m for 2023.
The gig at Virgin Media Park - formerly Musgrave Park - was just one of a number of sold out shows, including another at Custom House Square at Belfast - by the quartet in 2023 as the band made up for lost live performance time post the Covid-19 pandemic.
In 2024, the band’s popularity continues to grow and will appear as one of the headline acts at this year’s Electric Picnic on the Saturday night with Calvin Harris.
Now, new accounts filed with the Companies Office show that Kodaline’s Riff Raff Music Ltd recorded the profits of €2.58m for the 12 months of 2023 - which was a seven fold increase on the post tax profits of €363,395 for 2022.
The profits resulted in the company sitting on accumulated profits of €3.28m at the end of last year.
The best ever financial year enjoyed by the music entertainment firm resulted in its cash funds rising more than four fold from €811,668 to €3.7m in the 12 months to the end of December last.
The band - best known for tunes like All I Want and High Hopes - is made up of vocalist and multi-instrumentalist Steve Garrigan; bassist and vocalist Jason Boland; guitarist and vocalist Mark Prendergast, and drummer and vocalist Vinny May and they are all directors of Riff Raff Music Ltd.
The four are all directors at the company with a 25% share each in the business and signed on the just-filed accounts on April 15th.
The aggregate pay to the four last year increased by just €99,499, rising from €231,317 to €330,816, though the 2023 includes pension contributions of €36,000 and there were zero pension contributions in 2022.
The stellar profits of 2023 and strong profits for 2022 follows the company recording a modest loss of €1,337 in 2021 and losses of €198,862 during the Covid-19 pandemic in 2020.
A note attached to the accounts states that during the year, the company made payments on behalf of Riff Raff Music LLP, an entity in which all directors of Riff Raff Music Limited are members of, amounting to €173,143 and Riff Raff Music LLP made repayments to the company totalling €156,627.
The note states that at the balance sheet date, Riff Raff Music LLP owed the company €16,516.
The band’s best ever financial performance in 2023 followed the release of the Dublin-based band’s stripped-down, live album, Our Roots Run Deep which was released in October 2022.
- reporting Gordon Deegan
