Simon Moran, the owner of Warrington Wolves, has successfully grown his music concert promotion business, SJM, to generate a profit of £11.8 million. Moran, originally from Woolston, acquired The Wire in 2003 and has since worked with some of the biggest names in the music industry, such as Oasis and Coldplay.
Recent financial documents filed with Companies House for the year ending December 31, 2023, reveal the strong financial position of the business. The company reported a turnover of £286 million, up from £275 million in 2022, despite promoting fewer shows in 2023 compared to the previous year. The decrease in gross profit margin from 10.4% to 8.8% was attributed to changes in the sales mix.
Despite the challenges posed by the global economy, the company remains optimistic about the future, citing strong demand for live music events. The reunion of Oasis for their 2025 live tour contributed to the company’s success, with tickets selling out within hours and millions of fans eagerly waiting to secure their spot at the concert.
In addition to the financial success of the business, Moran and five other executives shared a total dividend of £14.83 million for 2023, a significant increase from the previous year. The company also increased its charitable donations to £351,000, reflecting its commitment to giving back to the community.
The impact of the coronavirus pandemic on the live music industry was felt in 2020 and the first half of 2021, but the company has since recovered and returned to normal activity levels. With management policies in place to ensure profitability and competitiveness in the market, the directors are confident about the company’s future prospects in 2024 and beyond.
The success of Moran’s concert promotion business not only highlights his entrepreneurial acumen but also showcases the resilience and adaptability of the live music industry in the face of challenges. As the demand for live music events continues to grow, SJM is well-positioned to capitalize on this trend and deliver memorable experiences for music fans around the world.