HomeBussinessFirm behind Kodaline makes record profit to the tune of €2.58m last...

Firm behind Kodaline makes record profit to the tune of €2.58m last year

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The gig at Virgin Media Park was just one of a number of sold-out shows, including another at Custom House Square at ­Belfast, by the quartet last year as the band made up for cancelled live performances after the Covid-19 pandemic.

The band’s popularity has continued to grow and they will appear as one of the headline acts at this year’s Electric Picnic on the Saturday night of the festival.

New accounts filed with the Companies Office show Kodaline’s Riff Raff ­Music Ltd recorded the profits of €2.58m for the 12 months of 2023 – which was an increase on the post-tax profits of €363,395 for 2022.

The profits resulted in the company sitting on accumulated profits of €3.28m at the end of last year.

The best ever financial year enjoyed by the music entertainment firm resulted in its cash funds rising from €811,668 to €3.7m in the 12 months to the end of last December.

The band – best known for songs such as All I Want and High Hopes – is made up of vocalist and multi-instrumentalist Steve Garrigan, bassist and vocalist ­Jason Boland, guitarist and vocalist Mark Prendergast and drummer and vocalist Vinny May.

The four are all directors of the company with a 25pc share each in the business and they signed on the just-filed accounts on April 15.

The aggregate pay to the four last year increased by just €99,499, rising from €231,317 to €330,816, though the 2023 figure includes pension contributions of €36,000 and there were zero pension contributions in 2022.

The stellar profits of 2023 and strong profits for 2022 follows the company recording a modest loss of €1,337 in 2021 and losses of €198,862 during the Covid-19 hit 2020.

A note attached to the accounts states that during the year the company made payments on behalf of Riff Raff Music LLP, an entity which all directors of Riff Raff Music Limited are members of, amounting to €173,143 and Riff Raff Music LLP made repayments to the company totalling €156,627.

The band’s best ever financial performance in 2023 followed the release of the stripped-down, live album Our Roots Run Deep, which was released in October 2022.

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