Mama Makes £2 Million

MAMA Group is expected to announce profits of £2 million on revenues of £12.2 million, although the reporting period doesn’t include the £7 million it shelled out for the smaller Mean Fiddler venues.

"It is a mistaken view that the music industry is experiencing difficult trading conditions. That is only true for CD sales, where we have limited exposure," co-chief exec Adam Driscoll told The Times.

"Strategically, our combination of strong live venues married to both a growing artist management roster and significant positions in ticketing, sponsorship and the digital environment is, we believe, the model for the music industry of the future."

The live venue and artist management company, which has a string of Barfly venues and an artist roster that includes Kaiser Chiefs and Franz Ferdinand, recently bought into Canada’s multifaceted Nettwerk group of companies and teamed with Ticket Text, a Dublin based technology company that provides a mobile event ticketing service.

Final-year figures, up to August last year, are expected to show that turnover increased by 39 percent, while group revenues for the period totaled £12.2 million. Profit before exceptional items and depreciation for the year amounted to £2.14 million, compared with a restated loss of £129,000 for the previous year.