Belfast Telegraph

Van Morrison still taking care of business with £3.6m profit

Van Morrison performing on stage at the Orpheum Theater in Los Angeles
Van Morrison performing on stage at the Orpheum Theater in Los Angeles

By Gordon Deegan

Belfast music legend Sir Van Morrison was doing a Moondance last year as his main entertainment firm recorded pre-tax profits of £3.63m.

New accounts for Morrison's Exile Productions Ltd show the world-renowned 73-year-old singer-songwriter enjoyed a stellar year in 2018.

However, the £3.63m pre-tax profit recorded in the 12 months to the end of last April is a 37% drop on the pre-tax profits of £5.76m in 2017.

The firm recorded a post-tax profit of £2.775m in 2018 after paying corporation tax of £855,987.

The new accounts filed by Exile Productions to Companies House in the UK show that accumulated profits decreased from £7.1m to £6.9m in 2018, indicating a sizeable dividend payout.

In the 12 months to the end of last April, the firm's cash pile increased by £995,000 from £3.479m to £4.47m while the money owed to the firm by debtors decreased from £4.97m to £4.188.

The abridged accounts for the Morrison firm don't reveal the revenues recorded by the firm during the year.

Knighted in 2016 for his musical achievements and services to tourism and charitable causes, Morrison's creative energy shows no sign of slowing down as he released three studio albums in the period under review.

The east Belfast man released Roll With The Punches in September 2017 and his 38th studio album, Versatile, in December 2017.

On April 27, 2018, Morrison released the You're Driving Me Crazy in collaboration with Joey DeFrancesco.

Morrison is currently busy adding to his firm's coffers performing at the Wiltern Theater in Los Angeles last night and will perform at The Colosseum at Caesars Palace in Las Vegas tomorrow and Friday.

He will follow up with gigs in London next month and in Chicago in April.

Next month Morrison will release a deluxe edition of his acclaimed 1997 album The Healing Game.

The intensely private veteran singer, who will turn 74 later this year, has received widespread acclaim over his long career.

These include six Grammy Awards and a Brit Award for Outstanding Contribution to Music. He was inducted into both the Rock and Roll Hall of Fame and the Songwriters Hall of Fame.

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