No showstopper performance for The Great British Bake Off maker
Turnover and profit at Love Productions, the maker of TV shows including The Great British Bake Off, both fell back during its latest financial year.
The business has reported a turnover of £71.7m for 2023, down from the £79.3m it achieved in 2022.
Newly-filed accounts with Companies House also show that its pre-tax profit also declined from £25.3m to £22m over the same period.
The new totals come after Love Productions reported a turnover of £58.1m in 2021 and a pre-tax profit of £15.8m.
Founded by Richard McKerrow and Anna Beattie in 2004 while Sky acquired a 70 per cent stake in 2014. It later bought the remaining shares in 2020.
The Great British Bake Off maker’s future plans
As well as The Great British Bake Off, Love Productions is also behind the likes of The Great British Sewing Bee, Benefits Street, The Great Pottery Throw Down and Westside.
The company’s UK turnover fell from £69.6m to £63.9m while its overseas earnings also dipped from £9.7m to £7.7m over the same period.
The amount Love Productions turned over from making TV programmes went from £58.6m to £57.6m while its turnover from secondary sales and royalties was cut from £20.6m to £14m.
A statement signed off by the board said: “Love Productions has increased its number of returning series both in the UK and the US, and has finalised sales for more formats to go into production in the UK for sale around the world.”
During the year the average number of people employed by the maker of The Great British Bake Off increased from 166 to 173.
The results come after City PM reported earlier this week that the company behind Hollyoaks, The Only Way is Essex and Geordie Shore fell back to expected levels in 2023 after experiencing a spike in the prior year.
Liverpool-headquartered Lime Pictures reported a turnover of £65.2m for 2023 after its sales surged to £100.9m in 2022.
The rise in 2022 came after the firm’s turnover had totalled £63.3m in 2021.