herald

Tuesday 24 April 2018

Jedward company sees profits jump in past year

EUROVISION STARS: John and Edward Grimes
EUROVISION STARS: John and Edward Grimes

PROFITS at the firm owned by Jedward leapt higher last year than any of the Grimes twins' trademark jumps on stage.

New accounts show that accumulated profits at Planet Jedward Ltd increased by 38pc or €160,214 from €418,440 to €578,654 in the 12 months to the end of last December.

In a recent RTE radio interview, the twins were coy about their financial success, stating only that "we're good, we're fine, we have enough money to go to the shop and buy milk and bread".

The returns by Planet Jedward Ltd with the Companies Office show that John and Edward now have plenty of cash to buy milk and bread at their local shop, with their firm's cash pile jumping from €426,251 to €591,020 last year.

The rising success of the brothers' entertainment firm coincided with the two representing Ireland for the second time at the Eurovision Song Contest final in Azerbaijan last year when they finished 19th.

Jedward, who burst on to the music scene following their 2009 X Factor appearance, also added to their coffers last year with a European tour that took in dates in Austria, Germany, Sweden, Finland and Estonia.

Their third album, Young Love, debuted in the Irish charts at No 1 last year, and the pair played to sell-out crowds in venues throughout Ireland during their Young Love Tour.

During the festive season last year, Jedward starred in their third annual pantomime, Jedward and the Magic Lamp.

They will star in Jedward, Beauty and the Beast during the upcoming Christmas season.

LUCRATIVE

The twins' lucrative career has been steered by Louis Walsh and more recently by their mother, Susanna, who has assumed managerial duties.

Universal Music Ireland did not renew their recording contract earlier this year, though in the RTE interview they said they had recorded new songs for an upcoming CD release.

The latest accounts show Planet Jedward Ltd's net assets last year increased from €418,540 to €578,754.

They show that the company owed corporation tax totalling €19,476 at the end of last year.

The company's VAT bill at the end of the year was €81,485 and the amount the firm owed in PAYE increased from €26,702 to €81,033.

Planet Jedward Ltd is recognised as a small company and is not required to provide a turnover figure or disclose salaries or any dividends paid to the twins who each own half of the share capital.

hnews@herald.ie

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