Festival Republic reveals £7.3 million profit for 2018

Festival Republic reveals £7.3 million profit for 2018

Festival Republic made a profit of more than £7 million last year, according to newly released documents

The Live Nation-owned Reading & Leeds promoter recorded a profit of £7.266,551 in 2018, up from £4.167,880 the previous year.

The company, which presented two sold-out gigs headlined by Liam Gallagher and Queens Of The Stone Age in London's Finsbury Park last summer, increased its turnover by 19.9% year-on-year to £55.2m, with operating profit rising 55.4% to £7.58m. It staged nine shows in 2018 compared to four in 2017, while admissions were up  from 619,518 to 733,384.

"The increase in turnover and admits is mainly driven by the addition of two additional large shows in 2018, as well as increases seen in the core concert portfolio," said the report, filed with Companies House and signed by director Lynn Lavelle.

A dividend of £2.889,563 was paid during the year, compared to £3.445,290 in 2017. 

Later this summer, Festival Republic will debut a new tented concert series for London's Gunnersbury Park. The Gunnersville Concert Series will feature headliners Doves (Friday, September 6), The Specials (Saturday, September 7), and You Me At Six (Sunday, September 8).

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