Hipclash Keating company reports profit

CAROLINE MADDEN

Hipclash Services, one of several companies owned by singer Ronan Keating, had an accumulated profit of €8,570 in the year to the end of August 2009.

The company, which is owned by Mr Keating and his wife Yvonne, strengthened its balance sheet somewhat over the year, building up its cash levels to almost €207,000 from just over €156,000.

According to the latest set of accounts that have been filed with the Companies Registration Office, Hipclash’s income is derived from a variety of activities including merchandising as well as live performance and from broadcasting.

It also includes magazine income, publishing income including advances, and royalties.

Dublin-born Keating, who was formerly a singer with Boyzone before embarking on a solo career, is also a director of seven other companies.

These include the Marie Keating Foundation, a charity set up in honour of his mother who died of breast cancer in 1998.

The newly-filed accounts for Hipclash also show that the level of debtors dipped from just under €160,000 to about €113,000, while creditors rose from almost €309,000 to €311,570.

Overall, the company’s net current assets rose from €5,728 to €8,573.

Hipclash has a registered address in Corbally, Limerick.

Alan McEvoy is also a director of the company.

http://www.irishtimes.com/newspaper/finance/2010/0706/1224274099891.html