New accounts filed by Crownway Entertainment Ltd show that the company increased profits after revenues rose by 10pc, from €12.89m to €14.19m.
The directors say the company “performed strongly during the year”.
The theatre’s key events for 2023 included Beauty and the Beast and Blood Brothers, along with The Lion King and Charlie and the Chocolate Factory. The directors “expect trading to be strong in 2024”.
Upcoming events include Mary Poppins The Musical, over Christmas, and Michael Flatley’s Lord of the Dance – A Lifetime of Standing Ovations, in January.
The accounts show that box office revenues last year increased by 11pc, from €9.94m to €11.04m, while sales from food and beverage increased slightly from €2.94m to €3.14m.
The company recorded earnings before tax, depreciation and amortisation (Ebitda) of €8.75m last year compared with €6.8m in 2022.
The pre-tax profits of €3.79m in 2023 and €2.66m in 2022 followed two years of Covid-19 related losses where the venue company incurred a loss of €1.28m for 2021 and €2m for 2020.
This followed the theatre going “dark” in March 2020 for 18 months, and the venue sustained a cumulative €15.5m revenue hit during the two years of Covid-19 restrictions.
Live Nation operates the 2,111-seat venue, and the profit for last year includes combined hefty non-cash depreciation and amortisation charges of €1.4m along with interest payable and other charges of €620,145.
The company recorded a pre-tax profit of €3.79m and enjoyed a post-tax profit of €3.09m after incurring a corporation tax charge of €700,075. Staff numbers last year increased from 47 to 51 and staff costs rose from €2.48m to €2.69m.
At the end of December last, the company had shareholder funds of €15.7m that included accumulated profits of €6.93m. Cash funds last year increased from €14.79m to €20.58m.
Crownway is a private family investment company owned by John and Bernie Gallagher. It acquired the theatre in 2014 for €29.1m.
Businessman Harry Crosbie opened the theatre in 2010 but lost control of the property after his loans were transferred to Nama.