Electric Picnic owner recorded £26.56m profit last year

The owner of the Electric Picnic festival returned to profit in 2021 to record pre-tax profits of £26.56 million.

Promoter, Denis Desmond is a co-owner in the joint venture with Live Nation and new accounts show LN-Gaiety Holdings Ltd returned to profit in 2021 as revenues increased more than six fold from £33.97 million to £205.99 million.

Three members of the Desmond family sit on the board of the joint venture firm - Denis Desmond, Caroline Desmond and son Zach Desmond. The purchase followed the group purchasing the Edinburgh Corn Exchange for £4.4 million in February 2021.Mr Desmond and other shareholders in his Gaiety Investments stood to effectively receive around half of the proceeds at £24.15m from the deal as they retain half a shareholding in MCD through their 50-50 venture with LN Gaiety Holdings Ltd.

A breakdown of revenues shows that £195.69 million was generated in the UK and £10.29 million in 'Europe’.

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RTEbusiness /  🏆 16. in İE

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