Ardmore and Troy studios enjoy sharp rise in profits

Profits last year almost doubled at Ireland’s two largest movie studios at Ardmore in Co Wicklow and Troy Studios in Limerick.

Separate accounts filed for each studio show that each business enjoyed a buoyant year. Troy Studios Ltd last year recorded post-tax profits of €2.92 million – an increase of 96 per cent on the post-tax profits of €1.49 million recorded in 2020.

The 26-acre Troy Studios is the country’s newest studio facility located in Limerick and its business has been boosted by hosting the likes of the Nightflyers production for Netflix and NBC Universal and Foundation for Apple+.

Accounts for sister firm Ardmore Studios Ltd show the business last year recorded profits of €1.65 million – a 92 per cent increase on the profits of €864,482 recorded in 2020.

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At the end of December last year, the Ardmore firm had accumulated profits of €4.69 million while its cash funds increased almost threefold from €3.6 million to €9.97 million.

Troy Studios had accumulated profits of €3.47 million. The company’s cash funds increased more than eightfold from €665,275 from €5.6 million.

In August of last year, the businesses were sold by Olcott Entertainment for close to a reported $100 million (€96 million) to a US joint venture comprising Hackman Capital Partners, its studio operator affiliate, the MBS Group and investment house Square Mile Capital Partners.

Significant investment of about €30 million has been made in the two studios in recent years as they have ramped up capacity to cater for demand from streaming operators such as Netflix, Disney+ and Apple+.

Emphasising the spend, a note attached to the Ardmore Studio accounts said the company had a capital spend commitment of €3.64 million due in 2022 with €488,668 of the amount deferred until next year.

The note states the cost relates to the development of stages at Ardmore Studios.