The company that operates the Bord Gáis Energy Theatre in Dublin has reported double digit increases in revenues and profits for last year on the back of several high-profile productions including Hamilton, Wicked, Mary Poppins and Swan Lake.
Crownway Entertainment Ltd posted turnover of just under €18 million for 2024, according to its latest accounts. This was up 27 per cent on the previous year.
Its Ebitda (earnings before interest, tax, depreciation and amortisation) increased by 38 per cent to €8.07 million while pretax profit was 56 per cent higher at €5.94 million.
This strong profit performance resulted in its corporation tax bill rising to €1.1 million last year from €700,075 in the previous period.
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More than 600,000 people attended shows in the theatre during the year.
The directors say they expect trading in 2025 to be “strong”, according to the accounts. Shows this year such as Fiddler on the Roof, Book of Mormon, Six and Nutcracker have proved “particularly successful”.
Moulin Rouge opens in November and will run until mid-January. The theatre’s website lists 34 upcoming productions, including Miss Saigon, To Kill a Mockingbird, Blood Brothers and the Shawshank Redemption.
A dividend of €58,400 was paid to shareholders during the year, up from €18,959 a year earlier.
Crownway Entertainment acquired the theatre in 2014 for €29.1 million, purchasing the freehold three years later from Dublin City Council. In September 2024, Crownway renewed the naming rights agreement with Bord Gáis Energy for 10 years. The sponsorship is worth about €2 million a year.
Crownway is a family investment company owned by husband-and-wife team John and Bernie Gallagher.
Entrepreneur Harry Crosbie opened the theatre in 2010 but lost control of the property after his loans were transferred to the National Asset Management Agency (Nama).
Shareholders’ equity at end-2024 stood at €19.7 million, up from €15.7 million a year earlier.
The theatre employed 55 staff on average during the year, with payroll costs amounting to just under €3.1 million.
The only director to receive remuneration during the period was Trevor Bowen, who was paid €50,000, the same sum as in 2023.
A breakdown of the company’s administrative expenses for the year – which amounted to just under €4.6 million – show a consultancy fee of just under €1.3 million was paid, as well as a management fee of €325,000.
Cash and cash equivalents at December 31st totalled €21 million, on a par with the previous 12 months.
Interest payable of €648,000 is noted in the accounts. This is purely an accounting obligation as the business has interest-free shareholder loans. However, accounting rules oblige the auditor to imply an interest charge.
