The company behind London’s Abba Voyage experience more than doubled its pre-tax profit as its turnover passed the £100m mark during 2023, it has been revealed.
The business has reported a profit of £6m for the 12 months, up from the £3m it achieved in 2022.
According to newly-filed accounts with Companies House, Abba Voyage’s turnover also increased from £97.1m to £103.6m over the same period.
The accounts show that its turnover from show sales surged from £58.8m to £101.5m in the year as its earnings from the sale of film rights were slashed from £15.3m to £1.1m.
Its turnover from the sale of stage rights also fell from £22.8m to almost £900,000.
In the year the average number of people employed by the firm behind Abba Voyage increased from 64 to 113.
Abba Voyage to continue ‘as long as possible’
A statement signed off by the board said: “The group’s long-term strategy is to continue to run the show in London for as long as it remains commercially viable.
“During the period, the group successfully operated the Abba Voyage show, building on the critical acclaim received following its launch in May 2022.”
In 2023, 374 performances were staged, up from 228, which attracted more than one million visitors, up from 675,600.
The company added: “There is substantial market demand for Abba Voyage and the directors anticipate a continued high level of activity throughout 2024.”
Concerts feature digital avatars which depict the group as they appeared in 1979.
They are held at Abba Arena, a purpose-built venue in the Queen Elizabeth Olympic Park.
The results come after Oxford Metrics, the technology firm behind the concerts, posted a revenue of £23.5m for the first half of 2024, up 10.5 per cent.
However, its pre-tax profit fell by 17 per cent to 2.8m compared to the same period in 2023.