Glastonbury Festival boasted keen growth over recent years as it published a new financial report following record sales for its 2013 event at the weekend.
Newly published accounts for Glastonbury Festival 2011 Limited show revenues of £32.2 million, increasing 36% from £23.6 million in 2008.
The turnover for the festival giant was up 5.2% from 2010 and gross profits rose to £22.5 million in 2011, against £21.7 million a year earlier.
While gross profits rose from £21.7m to £22.5m from 2010 to 2011, pre-tax profit slipped to £1.8 million from £2.6 million after expenses. Glastonbury shares much of the proceeds with three charities, Oxfam, Greenpeace and Water Aid.
The highest-paid Glasto director earned £60,000 while founder Michael Eavis also receives £500,000 for renting his farm in Somerset for the festival because of “loss of earnings”.
Glastonbury has just sold out next year’s event to 135,000 festival-goers in a record time of one hour and 40 minutes, with tickets priced at £205 each.
Source: London Evening Standard
Advertisement
