Beautiful day: U2 manager's Principle Management profits rise to EU283,003

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Ian Guider

Profits at Paul McGuinness's Principle Management company grew last year, newly-filed accounts show.

The company, which manages U2 and other acts like Paddy Casey, made a pre-tax profit of EU283,003 in the year to end March 2006, up from EU203,170. The profits would have been even better were it not for a EU400,000 write off in the cost of an "unlisted investment," the accounts said.

Mr. McGuinness set up Principle more than 20 years ago and is the majority shareholder in the company. His business partner Trevor Bowen owns the remaining shares.

Mr. McGuinness has been with U2 since the band started in the 1980s and is widely referred to as its fifth member. He has also represented acts like PJ Harvey and Sinead O'Connor.

According to the Principle accounts, turnover for the years increased to EU4.5 million from EU3.7m. Even with higher administrative expenses operating profits at the end March 2006 increased to EU558,755 from EU111,661.

The company's balance sheet shows retained profits of EU7.7m. No dividends were paid out.

Salary and pension costs for Principle's three directors amounted to EU1.4m, a slight rise year-on-year. The directors are listed as Mr. McGuinness, Mr. Bowen and an American Keryn Kaplan.

The company employs 16 people at its Dublin base and also has an office in New York.

Principle's accounts also reveal that it owes just over 10m in loans to Mr. McGuinness. During the year he advanced the company EU8m in loans.

Copyright © 2007 Irish Examiner. All rights reserved.

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This page contains a single entry by Jonathan published on February 21, 2007 5:06 AM.

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