LONDON (CelebrityAccess) — Academy Music Group, MCD promoter Denis Desmond's UK-based joint venture with Live Nation, reported soaring revenues in 2016.
Revenues at AMG were £43.7m in 2016, up by 22% from the previous year. The company attributed its revenue performance largely to the full-year benefits of four new venues that were added to their portfolio in 2015.
According to financial statements filed by the company, they recorded a pre-tax profit of £6m ($7.7m) last year, down very slightly from the previous year. Post-tax profit was down more sharply, slipping to £5.2m from £6.2m in 2015.
Still, retained profit at the company for 2016 improved to £31.1m from £25.8m in 2015 after the company declined to pay a dividend to investors for the year.
"During the year, the company continued to implement its management and control environment in these new venues as well as achieve synergies through sponsorship, booking of events and through its supply chain," the company's directors noted in their financial statement.
