Revenues at Sharon Horgan's TV and movie production firm, Merman Television last year increased by 14% to £26.32m or €31.6m due to the global success of hits such as Bad Sisters.
According to new consolidated accounts for Ms Horgan’s Merman Television Ltd, they show that the group recorded a 10% drop in post tax profits to £388,188.
On the back of Ms Horgan’s writing, the London-based production firm’s business has grown exponentially due to the worldwide success of the critically acclaimed Divorce, Motherland, Catastrophe and Bad Sisters.
Ms Horgan is currently back in the limelight with the release of the second series of Bad Sisters on Apple+ and the new accounts lodged with Companies House in the UK show that the group recorded a pre-tax loss of £7m but enjoyed the post tax profit of £388,188 after receiving £7.39m in UK TV and movie tax credits.
The revenues of £26.32m follow revenues of £23m in 2022.
The directors state that they "are pleased to report a successful trading period for the group due to the progression made on a number of key productions".
They state that "production and overhead costs again remained under close control".
Writer, director, producer and actor, Ms Horgan built up with now ex-husband, Jeremy Rainbird and co-founder, Clelia Mountford.
Separate documents lodged with Companies House show that Ms Mountford resigned from the board at the end of October.
Mr Rainbird received just under €1m in a share-deal when exiting Merman Television last year.
Mr Rainbird stepped down as director of the business on January 17th last year and documents show that on the same day, the company paid Mr Rainbird £850,000 for 3,000 ordinary shares of the firm in a 'Buyback Agreement’.
Founded in 2014, Merman is a production and entertainment company working across the US and UK.
Scripting award-winning TV and film, Merman engages in creating and executing branded entertainment, advertising and premium short form content.
The directors state that Merman Television "will continue to operate as a distinct company developing and producing programmes for major UK broadcasters and streaming platforms".
On the risks facing the group, the directors state that "broadcasters have started to tighten their belts, off the back of the pandemic, broadcasters have been extremely slow and hesitant to commission, spending less on programmes amid expectations of reduced ad income and waiting to see a full series rather than accepting episodes one by one".
They state that "with traditional media concepts seeing a reduced demand, the company has adapted to the streaming service business".
The group’s cost of sales for 2023 totalled £30.86m resulting in a gross loss of £4.53m. Merman Television directly employed 14 in 2023 and staff costs totalled £1.77m.
Five directors served in 2023 and directors’ aggregate pay totalled £872,512 and pay to highest paid director totalled £265,071.
At the end of December 2023, the group’s accumulated profits totalled £1.24m. The group’s cash funds increased from £1.5m to £8.8m.
Reporting by Gordon Deegan
