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Pre-tax losses at Paul McGuinness's artist management firm drop by 10 percent

Irish Examiner, February 02, 2011
By: Gordon Deegan

 

Pre-tax losses at the artist management company controlled by U2's manager, Paul McGuinness increased last year by 10% to (EU)253,821.

Accounts just filed by Principle Management Ltd. show that the company's revenues decreased by 19.5% from (EU)6 million to (EU)4.8m in the 12 months to the end of March last year.

The main activity of the company is the provision of artist management services and the returns show that Mr. McGuinness, his long-time associate Trevor Bowen and the U.S.-based Keryn Kaplan received remuneration totalling (EU)1.55m during the year -- a 34% increase on the (EU)1.16m remuneration received in 2009.

The company -- in which Mr. McGuinness has a controlling shareholding -- also paid (EU)303,737 in pension costs for the directors last year and this compared to pension costs of (EU)1.47m in 2009.

According to the directors' report, they "are satisfied with the company's performance during the year. Future plans are for profitability and further expansion of the company."

The figures show that Mr. McGuinness advanced (EU)5.7m to the company during the year and the amount owed by Principle Management Ltd. to Mr. McGuinness at the end of March last totalled (EU)9m.

The figures show that the firm returned to record an operating profit last year of (EU)50,491 that followed an operating loss of (EU)150,952 in 2009.

The filings record that the company benefited in (EU)509,986 in investment income last year, that was principally from subsidiary companies.

However, the chief factor behind the company recording a pre-tax loss was the company writing off (EU)836,419 in the value of investments and this followed a write-down under the same heading of (EU)856,500 in 2009.

The filings provide no further details on the write down of the unlisted investments.

The figures show that the company's accumulated profits stood at (EU)7.36m at the end of last March.

© Irish Examiner, 2011.

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