Owner of 3Arena in Dublin sees a sharp fall in profits
Sold-out gigs by pop superstars Beyonce and Ed Sheeran at Dublin's 3Arena were not enough to prevent pre-tax profits at the firm that operates the venue falling by 50% last year.
New accounts from the UK-based and Live Nation-owned Apollo Leisure Group Ltd (ALGL) show that pre-tax profits dropped from £5m to £2.5m.
Revenues fell by 8% to £15.35m in the 12 months to the end of December last. An exceptional cost during the year of £1m concerning the write-off of monies due from a connected firm contributed to the sharp fall in profit.
Music giant Live Nation purchased the remaining 50% stake in the 3Arena Amphitheatre Ireland firm from Nama for £29.3m in 2013. Figures from trade industry journal Pollstar record that 470,875 music fans flocked to the 14,500 capacity 3Arena last year. However, the detailed 2014 figures don't take account of a number of shows including Elton John, Peter Gabriel and Madness in December.