After two years of losses connected to Covid-19, the company that runs Dublin's Bord Gáis Energy Theatre, one of the most well-known live entertainment venues in the nation, finally made a profit, posting record post-tax profits of €2.15 million.
The theatrical company made a profit again, according to new financial records submitted by Crownway Entertainment Ltd. Box office receipts more than quadrupled, from €2.42 million to €9.94 million.
Food and beverage revenues accounted for €2.94 million of the company's total revenues of €12.89 million.
Following two years of losses connected to COVID-19, where the venue firm lost €1.28 million in 2021 and €2 million in 2020, the company made a profit of €2.15 million.
This came after the theatre went "dark" in March 2020 as a result of Government Covid-19 limitations. It was closed for the next eighteen months until reopening in September 2021.
The venue's revenue was negatively impacted by Covid-19 for a total of €15.5 million over the course of the two years of the limitations. In 2022, revenues of €12.89 million surpass the pre-Covid-19 sales of €10.69 million.
Attendees at the Bord Gáis Energy Theatre in Dublin's "Silicon Docks" paid to see shows such Les Misérables, Sister Act, and Chicago last year.
The Rocky Horror Show, starring Kieth Barry, and Charlie and the Chocolate Factory, a family musical that runs during Christmas, are among the upcoming shows at the theatre created by Daniel Libeskind.
The 2,111-seat facility is run by Live Nation, a global provider of music events and venue management. The earnings for the previous year included significant non-cash depreciation and amortisation costs of €1.38 million, in addition to interest due and other expenses of €588,634.
After paying a corporate tax charge of €507,604, the firm reported a pre-tax profit of €2.66 million and a post-tax profit of €2.15, million.
The venue company was paid €184,166 under the Covid-19 Employer Wage Subsidy Scheme (EWSS) last year. In 2021, it was paid €359,381 under the same subject.
Both the €207,500 Covid Restrictions Support Scheme (CRSS) payment and the €222,146 Live Performance Support Scheme reimbursement that the firm got in 2021 did not recur last year.
Last year, there were 47 employees instead of 49, and labour expenses went from €1 million to €2.48 million.
The firm had €13.03 million in shareholder cash at the end of December of last year, which included €3.23 million in cumulative earnings. The company's cash reserves rose from €10.67 million to €14.79 million in the previous year.
John and Bernie Gallagher operate a private family investment firm called Crownway.
The theatre was purchased by it in 2014 for €29.1 million. After businessman Harry Crosbie's loans were handed to Nama, he was unable to maintain control of the theatre that he had founded in 2010.