Rising costs more than offset growth in sales at Warner Music Ireland

British-Kosovar singer and songwriter Dua Lipa who was aong the artists drivign sales at Warner Music's Irish business. Photograph: Armend Nimani / AFP / via Getty ImagesMusic sales by Ed Sheeran, Dua Lipa and Westlife last year helped the Irish arm of music giant, Warner Music record pretax profits of €1.38 million.

Higher costs were blamed for the 23 per cent slide in earnings. Distribution and promotion costs rose by 30 per cent from €761,165 to €993,780 as the cost of sales rose 15 per cent to €11.63 million, with administrative expenses also rising, by 11 per cent, to €1.76 million.The directors said the increase in revenues was “largely due to the growth of music streaming”, a trend they believe the company “will continue to grow further”.

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