Profits and revenues slump at Riverdance company due to absence of US tour
Post tax profits slumped at the company behind Riverdance last year by 87% to €247,065 due mainly to Riverdance not touring the US in 2024.
New accounts filed by Abhann Productions Ltd show that post tax profits reduced from €1.9m in 2023 to €247,065 in the 12 months to the end of June last.
The drop in post tax profits followed revenues declining by €9m or 54% from €16.7m or €7.7m.
Commenting on the financial performance today, co-founder of Riverdance, John McColgan said: "The main reason for the difference between the two years is because Riverdance did not tour the USA in the year ended 30 June 24".
Mr McColgan said that Riverdance "had another thriving year for the year ended 30 June 2024".
"In this period Riverdance was in the Gaiety in Dublin for the Summer months with another very successful run. Also in the year Riverdance toured China, Australia and Japan and achieved excellent attendances and standing ovations in all these locations," he said.
It is now 31 years since Riverdance made its debut at the Eurovision Song Contest as the interval act during the 1994 contest in Dublin and Riverdance is this year celebrating its 30th anniversary as a global entertainment touring phenomenon.
Revenues are expected to increase sharply in the current year as Riverdance is currently touring the USA and Canada in a tour that commenced in January and is to end in June of this year.
Riverdance is scheduled for another USA tour from January to June 2026 and also plans for a China tour in this period.
In the current financial year, Mr McColgan said that Riverdance was in the Gaiety from June to September 2024, Taiwan and Europe last Autumn and currently in the USA to June.
"In March of this year, Riverdance performed again in the Kennedy Centre in Washington and Radio City in New York to name a few locations and received standing ovations every night," he said.
The strong profits of 2024, 2023 and 2022 follow Covid-19 related losses of €1.097m in 2021 and €747,465 in 2020 as a result of the pandemic shutting down the show from March 2020 to September 2021.
Moya Doherty is also a co-founder and sits on the board with Mr McColgan and David Orr.
Aggregate pay to directors decreased by 31% from €1.8m to €1.24m.
The amount owed by the company to the directors last year reduced sharply. Mr McColgan was owed €8,680 compared to €417,182 12 months prior while Ms Doherty was owed €161,006 compared to €594,891 at the end of June 2023.
Riverdance usually has two productions touring simultaneously each employing 50 to 55 in cast and crew.
The firm's cash funds decreased from €5.34m to €4.17m. Accumulated profits at the end of June last stood at €4.18m.
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