Dermot Kennedy concerts help boost Thomond Park revenues to €1.56m
Income from a string of Dermot Kennedy gigs at Thomond Park last summer helped the firm that operates the Limerick stadium increase in revenues to €1.56m.
The stadium hosted three Dermot Kennedy gigs last July and new accounts for Thomond Park Stadium Co DAC show the business received income of €337,791 in ‘public event income’ in 2023 while hospitality and catering income soared.
The economic spin-off from the stadium for the Limerick and midwest region was further underlined with gigs last weekend featuring Liam Gallagher, Snow Patrol and Paulo Nutini.
The new 2023 accounts show the stadium company’s revenues of €1.56m are a marginal increase on the 2022 revenues of €1.52m when two Ed Sheeran gigs in May 2022 boosted revenues.
The stadium firm operates the home of Munster rugby and the accounts show the company’s balance sheet received a major boost during the year following a €6m capital contribution from the Munster Branch of the Irish Rugby Football Union (IRFU).
The revenue comprises €598,405 in licence fee income, €333,8743 in rights income, €209,933 in hospitality and catering income, €61,682 in rental income, €23,000 in bar income and €337,791 in public events income. The figures show that €563,698 of the licence fee income was received from the Munster branch of the IRFU – this is down on the €612,410 under the same heading in 2022. The firm recorded pre-tax losses of €941,059 for 2023 which was an 18pc increase on the €795,566 pre-tax losses for 2022.
The pre-tax losses take account of non-cash depreciation costs of €1.079m.
The directors state that they “are pleased with the success of the events hosted to date and the related stadium revenues”.
They state that the company “continues to explore additional commercial opportunities in order to maximise the return from the stadium”.
The amount owed by the firm to the Munster branch totalled €18m at the end of last July. Numbers directly employed by the stadium last year increased from five to seven and staff costs increased from €285,874 to €405,300.
On February 8, 2023, a charge was registered by the company on Thomond Park stadium in favour of the Minister for Tourism and Sport for present and future advances. The €6m capital contribution resulted in shareholder funds of €4.86m.
Reporting on:independent.ie