Singer songwriter, Christy Moore is no ‘ordinary man’ as accumulated profits surged at his entertainment firm to €2.1 million this year.
New accounts show that Moore’s Yellow Furze Music Ltd recorded post tax profits of €460,635 in the 12 months to the end of March this year.
The €460,635 post tax profit is more than three times the profits of €121,583 in the prior year and profits surged after the full return to live music entertainment which had shut down the industry for the best part of two years from March 2020 due to Covid-19.
The buoyant year enjoyed by the firm resulted in the company's cash funds at the firm increasing sharply from €730,680 to €1.29 million.
The principal activity of the company is the sale of music performances and recordings by Christy Moore and the profits of the last two years follow the business recording post tax losses of €146,460 in the prior Covid-hit year.
The profit last year takes account of non-cash goodwill amortisation costs of €57,692.
The performer– who has been entertaining audiences in Ireland and the UK across the past five decades – is best known for his ‘Ride On’ and ‘I’m An Ordinary Man’ anthems.
Underlining the veteran performer’s enduring appeal, Moore’s website shows that every scheduled gig between September 26th at the Great Northern Hotel in Bundoran to Vicar Street in Dublin on January 19th next has the 'house full’ sign up.
The sell out show at Vicar Street is part of a sold out 11 gig run at the Dublin venue on dates across November, December and January
The firm employs three people including directors and last year pay to directors increased sharply from €76,234 to €128,155.
The accounts - signed off on August 31st - state a daughter of directors, Christy Moore and Valerie Moore is an employee of the company and during the year, the worker received pay of €30,000 and this followed pay receive of €30,000 in the prior year.
Moore - who celebrated his 78th birthday this year - is also well known as a founding member of Moving Hearts and Planxty and the accounts show that Yellow Furze Music Ltd has rights that generate royalty income.
The figures show that the firm has an unidentified intangible asset valued at €57,695.
Company figures show that the wealth of the firm has increased in recent years - its accumulated profits have grown from €524,172 to €2.1 million over the past number of years.
