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Rising expenses eat into operating profits at U2’s management firm
By Ian Guider
U2’S management firm Principle saw profits fall by over €1 million last year.
According to accounts just filed at the Companies Registration Office, Principle Management made a profit after tax of €151,776 in the year to end March 2005.
This is down on the €1.24m the company made in 2004. Results in that year were boosted by the recovery of a loan worth almost €1m.
Turnover for the year increased from €3.1m to €3.7m, though a rise in administrative expenses, from €2.8m to €3.5m, cut the company’s operating profits by over €200,000 to €111,666.
Principle Management is owned by Paul McGuinness and Trevor Bowen. Though best known as U2’s manager, Mr McGuinness also represents other Irish and international artists including Paddy Casey and PJ Harvey.
As no dividend was paid to Mr McGuinness or Mr Bowen, the company’s only shareholders, retained profits at the year-end rose to €7.6m. The company also had financial assets of €5m.
The directors, who also include Keryn Kaplan, shared €1.02m in remuneration and fees, down from €1.26m.
The company employed 17 people at the end of last March.
Some €2.5m was owed in loans from subsidiary and associated companies to Principle.
A firm called Streamparker owed €2.45m at year-end, while McGuinness Whelan Music Publishing, which is 37.5% owned by Principle Management, owed €140,277.
Principle Management earned income of €163,102 from McGuinness Whelan Music Publishing during the year.
The accounts also show that some €2.1m is owed by Principle Management to Mr McGuinness.
© Irish Examiner, 2005, Thomas Crosbie Media, TCH
http://www.irishexaminer.com/pport/web/business/Full_Story/did-sgYBdms-8eHGksg7IQHSmeYhNE.asp
By Ian Guider
U2’S management firm Principle saw profits fall by over €1 million last year.
According to accounts just filed at the Companies Registration Office, Principle Management made a profit after tax of €151,776 in the year to end March 2005.
This is down on the €1.24m the company made in 2004. Results in that year were boosted by the recovery of a loan worth almost €1m.
Turnover for the year increased from €3.1m to €3.7m, though a rise in administrative expenses, from €2.8m to €3.5m, cut the company’s operating profits by over €200,000 to €111,666.
Principle Management is owned by Paul McGuinness and Trevor Bowen. Though best known as U2’s manager, Mr McGuinness also represents other Irish and international artists including Paddy Casey and PJ Harvey.
As no dividend was paid to Mr McGuinness or Mr Bowen, the company’s only shareholders, retained profits at the year-end rose to €7.6m. The company also had financial assets of €5m.
The directors, who also include Keryn Kaplan, shared €1.02m in remuneration and fees, down from €1.26m.
The company employed 17 people at the end of last March.
Some €2.5m was owed in loans from subsidiary and associated companies to Principle.
A firm called Streamparker owed €2.45m at year-end, while McGuinness Whelan Music Publishing, which is 37.5% owned by Principle Management, owed €140,277.
Principle Management earned income of €163,102 from McGuinness Whelan Music Publishing during the year.
The accounts also show that some €2.1m is owed by Principle Management to Mr McGuinness.
© Irish Examiner, 2005, Thomas Crosbie Media, TCH
http://www.irishexaminer.com/pport/web/business/Full_Story/did-sgYBdms-8eHGksg7IQHSmeYhNE.asp
