Profits at the company owned by singer song-writer Dermot Kennedy last year plummeted by 82 per cent to €81,877.
The 12-month period to the end of June last covers a period impacted by the Covid-19 pandemic, which shut down the Irish live music scene.
The shut-down cut off Kennedy’s main source of income and the profits of €81,877 for the 12 months to the end of June last year at Kennedy’s Riggins Touring Limited follow profits of €469,347 for the prior 12 months and profits of €118,246 recorded in 2019.
At the end of last June, the company was sitting on accumulated profits of €627,968.
The company’s cash funds last year increased from €830,397 to €911,473. The amount owed to the company by debtors last year increased from €404,208 to €589,304.
Best known for hit tunes such as ‘Giants’, ‘Paradise’, ‘Better Days’ and ‘Outnumbered’, Kennedy is currently making up for lost stage time with a slew of dates over the coming months across Australia, the US, the UK, Europe and Ireland.
During May, the 30-year-old Dubliner is down to play dates at Brisbane, Sydney and Melbourne in Australia before returning to Ireland for early June where he will play a number of gigs at the INEC Gleneagle in Co Kerry. Kennedy will finish off the busy touring year with a New Year’s Eve gig at Perth, Australia.
Kennedy’s popularity reached new levels following his initial break-through when he took the No1 slot in both the Official Irish singles and album charts with ‘Giants’ and ‘Without Fear’.
Since the release of his 2017 EP ‘Doves and Ravens, Dermot Kennedy’s career has gone from strength to strength.
Kennedy’s debut album, Without Fear achieved multi-platinum status.
Last month, Kennedy won the RTÉ Choice Music Prize Irish Song of the year for 2021 for his song, ‘Better Days’.
