Belfast Telegraph

UK Website Of The Year

Owner of 3Arena in Dublin sees a sharp fall in profits

By Gordon Deegan

Published 20/08/2015

Sold-out gigs by pop superstars Beyonce and Ed Sheeran at Dublin's 3Arena were not enough to prevent pre-tax profits
Sold-out gigs by pop superstars Beyonce and Ed Sheeran at Dublin's 3Arena were not enough to prevent pre-tax 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.

Belfast Telegraph

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Read More

From Belfast Telegraph