Resurgent growth in the popularity of vinyl records contributed to sales at the Irish arm of Universal Music increasing 17 per cent to €26.3 million last year.
Universal Music Ireland Ltd counts Taylor Swift and U2 among its roster of stars and new accounts show that the company recorded a near five fold increase in pretax profits to €607,818 on the back of the increase in revenues.
The directors state that the increase from €22.56 million to €26.31 million was primarily “due to the significant resurgent growth in the popularity of vinyl records” and to the continued positive growth in subscribers to legal streaming music services.
The company said its leading market share in the Irish music market in 2021, they said. Last year the company did not pay out any dividend after paying out €500,000 in 2020.
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A breakdown of revenues show that royalty and licence fee income increased from €19.2 million to €20.85 million with sale of goods increasing by 63 per cent from €3.35 million to €5.46 million.
Numbers employed by the business last year increased by one to 20, with staff costs increasing marginally from €1.81 million to €1.92 million.
Remuneration, including pension payments for the firm’s two directors Mark Crossingham and Nick Younger, last year declined from €645,327 to €628,573.
The remuneration was made up of pay of €590,333 and pension contributions of €38,240.
At the end of December last the firm had shareholder funds of €3 million that included accumulated profits of €2.5 million.
The directors state that the company faces risks and uncertainties, mainly as a result of the Covid-19 pandemic, which could include but are not limited to local economic downturn and its effect on customer spending in all areas of the Irish music market and its effect on discretionary consumer spending. These risks are being managed by ensuring the company has adequate financial support and by actively seeking out new business opportunities, the directors state.
