INCOME from a string of Dermot Kennedy gigs at Thomond Park last summer helped the firm that operates the Limerick stadium to an increase in revenue to €1.56m.
The stadium hosted three shows by the Better Days singer last July and new accounts for Thomond Park Stadium Co DAC show that the business received income of €337,791 in ‘public event income’ in 2023, while hospitality and catering income soared.
The economic spin off from the stadium for the Limerick and Mid West area was further underlined in recent days with successful gigs at the stadium featuring Liam Gallagher, Snow Patrol, and Paolo Nutini.
The new 2023 accounts show that the stadium company’s revenues of €1.56m are a marginal increase on the 2022 revenues of €1.52m, when two May 2022 Ed Sheeran gigs boosted revenues.
The stadium firm operates the home of Munster Rugby and the accounts show that the company’s balance sheet received a major boost during the year following a €6m capital contribution from the Munster Branch of the Irish Rugby Football Union (IRFU).
The revenue comprises €598,405 in licence fee income, €333,8743 in rights income, €209,933 in hospitality and catering income, €61,682 in rental income, €23,000 in bar income and €337,791 in the public events income.
The figures show that €563,698 of the licence fee income was received from the Munster branch of the IRFU, down on the €612,410 under the same heading in 2022.
The firm recorded pre-tax losses of €941,059 for 2023, an 18 per cent increase on the €795,566 pre-tax losses for 2022.
The pre-tax losses take account of non-cash depreciation costs of €1.079m.
The directors state that they “are pleased with the success of the events hosted to date and the related stadium revenues”.
They state that the company “continues to explore additional commercial opportunities in order to maximise the return from the stadium”.
The amount owed by the firm to the Munster branch totalled €18m at the end of July last.
Numbers directly employed at the stadium last year increased from five to seven and staff costs increased from €285,874 to €405,300.
On February 8, 2023, a charge was registered by the company on Thomond Park stadium in favour of the Minister for Tourism and Sport for present and future advances.
The €6m capital contribution resulted in shareholder funds of €4.86m at the end of July.
