THE COMPANY behind Riverdancesaw profits fall by 70 per cent last year, accounts filed to the Companies Registrations Office show.

Retained profit at Abhann Productions was €232,059 in the year ended June 30th, 2009, compared to €783,797 the previous year.

The profit for the year was transferred to the reserves, bringing the total in reserves to just under €4 million.

Directors Moya Doherty, John McColgan and Joan Egan shared remuneration of just under €1.8 million, down from €2.4 million the previous year. Mr McColgan and Ms Doherty each hold a 50 per cent shareholding in the company.

Turnover was down 14 per cent on the year, falling from €24.7 million to €21.25 million last year.

The majority of turnover – €17.8 million – derived from stage show income, and the figure was broadly in line with the previous year. However, profit share from the development of theatrical productions was down by more than €3 million on the year to €1.3 million.

A breakdown of the figures shows that income from European shows comprised the bulk of turnover, and was worth €11.5 million, though this was down from just over €14 million in the previous year. The North American market was worth €8.1 million, while income from performances in Asia totalled €1.5 million.

Mr McColgan and Ms Doherty were the co-founders of Riverdancealong with Bill Whelan.

This is the second consecutive year the company has made a profit. In the 12 months to 2007, the company made a loss of just over €1 million. At its peak, the company had a turnover of €35.4 million in 2005 but made a loss of €2.4 million that year.