Riverdance profits down as company did not tour US
Post-tax profits were down at the company behind
Riverdance
last year by 87 per cent to €247,065 due mainly to dance company not touring the United States in 2024.
Accounts filed by Abhann Productions Ltd show that post-tax profits reduced from €1.9 million 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 €9 million or 54 per cent from €16.7 million to €7.7 million.
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 30th June, 24'
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Mr McColgan said that Riverdance 'had another thriving year for the year ended 30th 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,' Mr McColgan said.
It is now 31 years since Riverdance made its debut at the Eurovision 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 US tour from January to June 2026 and os also planning a China tour in this period.
'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,' Mr McColgan said.
The strong profits of 2024, 2023 and 2022 follow Covid-19 related losses of €1.097 million in 2021 and €747,465 in 2020 as a result of the pandemic shutting down the show from March, 2020 to September, 2021.
Co-founder
Moya Doherty
sits on the board with Mr McColgan and accountant David Orr.
Aggregate pay to directors decreased by 31 per cent from €1.8 million to €1.24 million.
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 cast and crew.
The firm's cash funds decreased from €5.34 million to €4.17 million. Accumulated profits at the end of June last stood at €4.18 million.
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