The directors of Stockport-based SJM, known for their involvement in the contentious promotion of Oasis’ reunion tour, have enjoyed a significant financial windfall. The six directors were collectively awarded a share of a £14.8m dividend for the company’s latest financial year.
This payout marks a substantial increase from the £7.3m distributed in 2022, highlighting the company’s impressive financial performance amid an evolving entertainment landscape.
Financial Performance
The recently submitted accounts to Companies House reveal a pre-tax profit of £15.3m for 2023, a slight decline from £17.7m in the previous year. However, the company’s turnover saw an increase, rising from £274.9m to £286.4m. These financial results pertain to the year preceding SJM’s involvement in promoting the Oasis reunion tour.
SJM Holdings, the parent company of SJM Concerts and the Warrington Wolves, reported an increased turnover of £292.4m, up from £280.5m. Pre-tax profit for SJM Holdings remained steady at £16.6m. The increased turnover was attributed to what the company described as ‘another very successful year of trading.’
Impact of the Oasis Reunion Tour
The contentious ticketing and promotion of Oasis’ reunion tour has drawn significant attention, with SJM playing a central role alongside MCD Promotions and DF Concerts. These companies, all connected to the American corporate giant LiveNation, experienced a fruitful collaboration.
During this period, SJM promoted 1,845 shows, a decrease from 2,160 shows in 2022. Despite the reduction in the number of shows, the company highlighted the larger capacity events in 2023 as a significant factor in the increased turnover.
Historical Background
Co-founded by Chris York and Simon Moran, SJM has built a strong reputation over the years.
The company has promoted shows for numerous high-profile artists, including Take That, Spice Girls, Foo Fighters, Stormzy, Coldplay, Robbie Williams, Peter Kay, Billie Eilish, Adele, and The Killers.
Simon Moran’s involvement extends beyond SJM, as he also owns the Super League side Warrington Wolves and holds shares in Manchester’s Co-op Live arena.
Future Outlook
Looking ahead, SJM remains optimistic about the demand for live music events. Despite the inflationary pressures affecting the global economy, the company anticipates another successful year.
SJM indicated that they are observing strong demand for live music events and are prepared to continue their successful track record.
Operational Adjustments
The company’s reports highlighted operational adjustments due to rescheduled shows from 2020 and 2021, contributing to the high volume of shows in 2022.
In 2023, the shift towards larger capacity shows contributed to the turnover increase, despite a reduction in the number of events.
The gross profit margin experienced a decrease from 10.4% in 2022 to 8.8% in 2023, reflecting a change in the sales mix. This adjustment was necessary to navigate the challenges posed by the rescheduled events.
Collaborations and Partnerships
SJM’s collaboration with MCD Promotions and DF Concerts, both having connections with LiveNation, proved essential for the success of the Oasis reunion tour.
The company’s involvement in ticket sales was also noteworthy, running gigsandtours.com alongside Ticketmaster and SeeTickets.
Conclusion
In summary, the directors of SJM have reaped significant financial rewards following a year marked by strategic promotions and operational adjustments.
With a positive outlook for the future and a history of successful events, SJM is well-positioned to continue thriving in the dynamic entertainment industry.
The directors of SJM have reaped significant financial rewards following a year marked by strategic promotions and operational adjustments.
With a positive outlook for the future and a history of successful events, SJM is well-positioned to continue thriving in the dynamic entertainment industry.
