Profit

Christy Moore’s music company turns profitable after Covid shutdown

This year Christy Moore’s music company returned to profit as music fans returned to concert halls to see the singer-songwriter perform live again with the lifting of Covid restrictions -19.

More than 50 years on the road, Moore’s live music revenue from Yellow Furze Music Ltd has been hit hard by the forced shutdown of the live entertainment industry by Covid-19 for almost two years after March 2020 .

The company’s main business is the sale of musical performances and recordings by Christy Moore and now new accounts for Yellow Furze Music show the business recorded profits of £121,583 in the 12 months to end of March this year.

This follows post-tax losses of €146,460 in the previous Covid-hit year, a positive change of €283,043.

At the end of March this year, the company was sitting on cumulative profits of 1.65 million euros.

Underlining Moore’s continued popularity, 13 upcoming dates across the island listed on his website are all sold out with the listing ‘house full’ on all Leisureland gigs in Galway this Saturday night until his gig from 18 November in Dundalk with Moore also playing to sold-out audiences in Belfast, Bundoran, Westport and Dún Laoghaire during the race.

The performer has been entertaining audiences in Ireland and the UK for over 50 years.

The company’s cash flow increased last year by €164,248, from €566,432 to €730,680.

The company employs three people, including directors, and last year directors’ compensation fell sharply from €124,604 to €76,234.

Moore is also well known as a founding member of Moving Hearts and Planxty and accounts show Yellow Furze Music Ltd has rights which generate royalty income – figures show the company has an unidentified intangible of a value of €115,387.

The figures show that the company’s wealth has increased in recent years. Its cumulative profits have fallen from €524,172 to €1.65m in recent years.

During the year under review, An Post commemorated Moore’s contribution to Irish music and commenting at the time, Moore said: ‘I had a good buzz when it was learned that An Post had named my image to adorn a stamp. My immediate reaction was to think of my grandparents Jack, Ellie and Bridie, how they could be tickled pink at such an outcome.