RDS backs a winner as turnover increases 19%

SEVERAL YEARS of investment in its prime 44-acre Ballsbridge site appears to be paying off for the Royal Dublin Society.

Accounts sent to members this week by the august body show it increased its turnover by 19 per cent last year to €19.8 million.

This was due in no small part to its long-term deal with Leinster rugby for the use of its showgrounds as a home venue for Brian O’Driscoll and his teammates.

The RDS also achieved a €1.4 million rent roll last year from a new office block overlooking Simmonscourt Road, which numbers Irish Distillers and Six Nations Rugby among its tenants. The recent multimillion euro upgrade of its sports arena has also secured the Dublin Horse Show’s position in the premier league of Nations Cup showjumping.

The RDS will this year host the final round of the lucrative Meydan FEI Nations Cup series. The horse show cost €3.8 million to run last year.

The RDS hosted 26 live concerts in 2008, benefiting from the revamp of the Point Theatre.

While revenues were strong, the RDS’s “surplus” for the year was flat at €1.3 million. This was due largely to a near fourfold rise to €995,000 in interest payments relating to its office development.

Its total “recognised gain” for 2008 amounted to €11.7 million. This was due to a €13.9 million uplift in the valuation of investment properties balanced against a €3.5 million actuarial charge relating to its pension scheme.

While happy with its 2008 performance, chief executive Michael Duffy is realistic about current trading. “We’ll be doing well to match the 2008 performance in the current environment,” he told me.

“The first quarter has been very satisfactory . . . the diary has remained strong. A lot depends on how the economy performs over the coming months.”