Movies profitable for Ward Anderson group

A holding company that forms part of the cinema group set up by half-brothers Leo Ward and Kevin Anderson in the 1940s had €25 million in cash as of June 30th, 2004, according to its most recently filed accounts.

The accounts for Torgyle Holdings do not give a consolidated profit figure but do list the after-tax profits made by its subsidiaries the previous year. In 2003 those profits came to €13.5 million.

The holding company had accumulated profits of €3.2 million at June 30th, 2004, and general reserves of €7.2 million. It had debts to group undertakings of €24.4 million, up from €4.2 million at the previous year's end.

The latest annual return shows Kevin Anderson (90) owns 315 of the shares in Torgyle, Paul Anderson (37) owns 65 and Leo Ward (86) owns 120.

The three men are also directors of a large number of other companies associated with the cinema sector, which are not listed in the Torgyle accounts and whose results are not consolidated in the Torgyle figures.

Generally the group appears to have one company for each of its approximately 36 Irish cinemas. As well as its strong presence in the Dublin cinema sector the group owns cinemas in most large regional towns and cities.

The group recently sold its former offices on Upper Abbey Street, Dublin. Mr Ward, who is still active in business, now has offices in Dún Laoghaire while Paul Anderson has offices in Rathmines. Kevin Anderson is retired.

Last month it was reported that the Ward Anderson group had purchased 11 cinemas in Britain for approximately €80 million.

The latest accounts for the Dublin Cinema Group Ltd, which owns the Savoy and Screen cinemas in Dublin, show it made an after-tax profit of €288,245 in the year to end October 2004. The previous year the profit was €1.33 million.

Paul Ward and Paul Anderson, sons of Leo Ward and Kevin Anderson, have equal shareholdings in that company. All four men are directors.

Directors' emoluments in Dublin Cinema Group totalled €850,000.