Glastonbury festival has published accounts that show its revenues have risen by 36 per cent since 2008.
The newly published accounts from Glastonbury Festival 2011 Ltd show revenues of £32.2 million, up 5.2 per cent on a year earlier, The Independent reports.
The Worthy Farm shindig, which sold out in a record time of one hour and 40 minutes on Sunday (October 7), has managed to weather the recession after the festival’s revenues have risen from £23.6m in 2008, an increase of 36 per cent.
Founder Michael Eavis and daughter Emily are both directors of the company and have always rejected surplus commercial sponsorship of the festival. Yet gross profits still rose to £22.5m in 2011 against £21.7m a year earlier. Pre-tax profit slipped to £1.8m from £2.6m after expenses.
The highest paid director of Glastonbury Festivals Ltd earned £60,000. Michael Eavis also receives £500,000 for renting Worthy Farm to the festival because of “loss of earnings”.
To read an interview with Emily Eavis, where she reveals everything NME.com users wanted to know about this years’ festival, pick up a copy of this week’s NME which is available on newsstands from tomorrow ( October 10) or available digitally.