THE COMPANY behind Riverdance, Abhann Productions, has reversed its recent fortunes to turn a profit of almost €800,000 in the year to the end of June 2008, accounts filed to the Companies Office show.

Abhann’s directors, John McColgan, Moya Doherty and Joan Egan, shared remuneration of €2.4 million, up 39 per cent on the previous year.

After two years of decline, turnover at the group increased 42 per cent during the year to €24.7 million.

The bulk of this relates to income from its stage shows, which arrived at €17.9 million, up 36 per cent on the previous year.

The company also earned €4.3 million from its share of the profits on the development of live theatrical productions and €1.6 million from programme and audio-visual sales.

Most of the income came from Europe, which accounted for €14.1 million of Abhann's turnover, while North America contributed €8.85 million and Asia accounted for €1.75 million. The company did not earn any income from Asia in the previous year, but Riverdancebegan a tour in Japan in May 2008.

The group’s profit of €783,797 in the year to June 2008 compares to a loss of just over €1 million recorded the previous year.

The company’s employment costs have sharply reduced in recent years, with wages and salaries arriving at €477,631. The average number of people working for the company was 11, who are all classed as management and administration.

Mr McColgan and Ms Doherty, the co-founders of Riverdancealong with composer Bill Whelan, are the only two shareholders in Abhann Productions.

Riverdance, the 15-year-old Irish dancing phenomenon, now has three separate dancing companies touring the world at any one time.