Newly-filed accounts report that Electric Picnic cut its losses by 89 percent between 2012 and 2013 after its first post-boom sell-out for the same year.
After years of disgruntled punters complaining about high ticket prices, the Co Laois-based event finally reduce its cover charge. It also offered new incentives for early buyers and those who could prove that they had attended a number of previous Picnics.
The 2013 event featured acts like Arctic Monkeys, Disclosure, The Knife and Bjork, luring 35,000 revellers to Stradbally Hall. The previous event only sold 22,000 weekend tickets and an additional 6,000 day tickets.
Last year the event's capacity increased to 41,000 and sold out six weeks in advance. A note attached to the filed accounts, says: "Trading performances and cash flow improved in 2014 and is expected to improve further in 2015."
EP Republic, the company which runs the festival and filed the accounts, is controlled by Festival Republic is a subsidiary Live Nation. The new figures show a trading loss of €131,604 - down from a €1.18m loss in 2012. Its liabilities reduced from €3.68m to €2.76m.
Earlier in 2014 Festival Republic reached a settlement with John Reynolds and and music promoters POD. Mr Reynolds started Electric Picnic in 2004, and sold a 71 percent stake in the event to Festival Republic in 2009.
