Desmond's main Irish company MCD reregistered as an unlimited company last year, which means that it no longer has to file public accounts, but Academy Music Holdings, which is one of Desmond's main British interests, still files accounts According to its accounts, the firm's seven directors, which include Desmond, shared out �505,288 (Euro740,000) in emoluments during the period, an increase of almost �25,000 (Euro36,500) on the previous year.

The results represent a significant improvement for Academy Music Holdings, which owns 15 medium-sized music venues throughout Britain, after the firm lost over �178,000 (Euro260,500) the previous year.

The company's turnover rose during 2005 to �20.4m (Euro29.85m), compared with �18.4m (Euro26.9m) the previous year.

According to the accounts, the firm's directors expect the firm to continue trading strongly in 2007.

"However, we expect competition to increase as new operators enter the market.

Nonetheless, we remain confident we will maintain and improve our current level of performance, " said the directors.

The directors also said that they planned to continue investing in the firm's venues, which include the Shepherds Bush Empire in London, the Carling Academy in Brixton and the Hippodrome in Brighton, which it bought last month.

"The directors regard? research and development as integral to the continuing success of the business and ensuring we continue to provide the best live music experience possible, " said a note in the accounts.