Christy Moore’s music company returned to profitability this year as music fans returned to live venues to see the singer-songwriter perform live again with the lifting of Covid-19 restrictions.
After over 50 years on the road, Moore’s live music revenues from Yellow Furze Music Ltd have been hit hard by the Covid-19 forced shutdown of the live entertainment industry for almost two years after March 2020.
The company’s primary activity is selling musical performances and recordings by Christy Moore and now new accounts for Yellow Furze Music show that the company posted profits of €121,583 in the 12 months to the end of March this year.
This followed after-tax losses of €146,460 in the previous Covid-hit year – a positive swing of €283,043.
At the end of March this year, the company was sitting on a cumulative profit of 1.65 million euros.
Moore’s continued popularity is underscored by the fact that 13 upcoming dates across the island listed on his website have all sold out, with ‘house full’ signing up for all of Leisureland’s gigs in Galway this Saturday night leading up to his gig on 18 November at Dundalk with Moore during the run, they also played to sold out crowds in Belfast, Bundoran, Westport and Dún Laoghaire.
The artist has been entertaining audiences in Ireland and the UK for over 50 years.
The company’s cash and cash equivalents increased last year by EUR 164,248 from EUR 566,432 to EUR 730,680. Non-cash goodwill amortization of EUR 57,692 is included in the annual surplus.
The company has three employees, including directors, and last year directors’ remuneration fell sharply from €124,604 to €76,234.
Moore is also known as a founding member of Moving Hearts and Planxty and accounts show that Yellow Furze Music Ltd owns rights which generate royalty income – figures show the company has unidentified intangible assets worth €115,387.
Figures show that the company’s fortunes have increased in recent years. Cumulative profits have grown from €524,172 to €1.65 million in recent years.
In the year under review, An Post recalled Moore’s contribution to Irish music, commenting at the time: “I was really excited to find out that An Post had nominated my picture to embellish a postage stamp. My immediate reaction was to think of my grandparents, Jack, Ellie and Bridie, how they could be tickled pink with such an outcome.”
https://www.independent.ie/business/irish/christy-moores-music-firm-moves-into-profit-after-covid-shutdown-41924380.html Christy Moore’s music company turns a profit after Covid lockdown