Profits at the music firm owned by one of the country’s most successful music artists Niall Horan last year increased 34-fold to $530,724 (€522,343).
In a bumper year for Mr Horan’s Limerick-based Neon Haze Music Ltd, the post-tax profits of $530,724 in the 12 months to the end of November last compares with post-tax profits of $15,589 for the prior year.
During the year, the company’s cash pile increased almost six-fold from $232,064 to $1.33 million.
Much of the year under review was impacted by Covid-19 which decimated the live music industry worldwide for most of the two years after March 2020.
The $530,724 profit last year resulted in the company having accumulated profits of $682,056 at the end of November last.
The company employs three people and the buoyant year enjoyed by the business resulted in staff costs increasing almost 14-fold from $77,369 to $1.05 million.
Directors’ emoluments in respect of qualifying services last year totalled $35,166.
Away from the music studio, the 28 year old has been busy investing in the likes of the expanding athleisure Gym+Coffee brand.
Mr Horan is also the founder of Modest! Golf Management that counts Ireland’s leading woman golfer Leona Maguire among the growing roster of golfers that it represents.
The other two directors in Neon Haze are accountants to the star, Alan McEvoy and Barry Downes, from the Limerick-based LiveWire Business Management.
Mr McEvoy helped to oversee the finances of One Direction and he is again an integral part of managing Mr Horan’s growing wealth.
The main activity of the company is the provision of musical recording services and related promotional activities.
In 2020, Mr Horan — who has amassed 41.2 million followers on Twitter — released his second studio album Heartbreak Weather, and Covid-19 resulted in Mr Horan not proceeding with his Nice to Meet Ya world tour during that year.
Mr Horan’s debut solo album Flicker was released in October 2017 and debuted at number one in charts in Ireland, the US, Canada, Mexico and also hit the top spot in iTunes in more than 60 countries.
