The Stage

Cork Opera House reports rising losses

Published Wednesday 15 February 2012 at 10:52 by Michael Quinn

Operating losses at the Cork Opera House almost trebled in 2010/11 to more than €825,000 (£692,000) following a drop of more than a fifth in revenues to €3.84 million (£3.2 million).

Production volume and audience numbers both fell by nearly a quarter (24%) in the year to the end of March 2011, with 127,557 theatregoers attending a reduced programme of 204 performances.

In the summer of 2010, the receiving house closed for three months “to stem operating losses” and develop a new five-year business plan. Earlier in the year, the venue received a €1.25 million (£1 million) loan from Cork City Council, who also changed a previous loan of just over €857,000 (£720,000) to a non-repayable capital grant.

Funding from the Irish Arts Council of €48,800 (£41,000) was 79% less than in 2009/10.

A restructuring of the venue’s operations costing just over €371,000 (£311,000) that resulted in staff numbers falling by almost a third to 53, was a major factor contributing to the year-end losses. Accumulated losses rose to €3.1 million (£2.6 million).

Opera House chairman Damien Wallace said the venue “now has a strong balance sheet and is in a position to meet its financial commitments as they become due. Overall, I am confident for the future.”