U2 company records profits of over €10m

The accounts relating to 2019 showed a positive swing of €10.2 million compared to 2018 figures.
U2 company records profits of over €10m

Gordon Deegan

U2's members received €8.6 million from a company controlled by the rock band according to new accounts for U2 Ltd which show recorded profits of €10.2 million for 2019.

The company is engaged in the creation, protection and licensing of the band’s intellectual property and was sitting on accumulated profits of €7 million at the end of 2019.

This followed the firm having accumulated losses of €3.2 million at the end of 2018 - a positive swing of €10.2 million.

According to a note attached to the accounts, “the outbreak of Covid-19 was recognised as a worldwide pandemic post year-end”.

The note states: “While the pandemic has not had any notable impact on the activity of the company, the directors continue to monitor these developments and take mitigating actions where appropriate.”

A separate note attached to the accounts stated the company meets its day-to-day working capital requirements by way of employee current accounts and related party advances which are unsecured and interest free.

During the past decade, U2 gigs across the world have grossed more than $1 billion (€816.5 million).

The box office revenues are usually shared between promoter, venue, ticket seller and performer after all expenses and taxes have been paid.

U2 Ltd’s cash funds last year reduced from €274,071 to €198,386 and the amount owed to the company by debtors increased to €11.6 million.

The company is controlled by Not Us Ltd, which has the four members of U2; Bono, The Edge, Adam Clayton and Larry Mullen as its directors.

Accounts for that company lodged show its accumulated losses increased in 2019 from €13.7 million to €16.6 million.

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