Revenues at Sharon Horgan's TV and movie production firm, Merman Television, last year generated £23.2m (€26.73m) in revenues 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's post tax profits more than halved from £388,188 to £167,428 last year.
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.
Revenues at the business last year declined by 12% from £26.32m to £23.2m and the business and creative highlight for the group in 2024 was the screening of Series 2 of Bad Sisters on Apple+.
The new accounts lodged with Companies House in the UK show that the group recorded a pre-tax loss of £4.48m which was 35% down on the pre-tax loss of £7m in 2023.
The group last year recorded a post tax profit of £167,428 after receiving £4.65m in UK TV and movie tax credits.
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 the business with her now ex-husband Jeremy Rainbird and co-founder Clelia Mountford.
Ms Mountford resigned from the board at the end of October 2024 and Mr Rainbird received just under €1m in a share-deal when exiting Merman Television in 2023.
Numbers employed by the business last year remained at 14 as staff costs increased from £1.77m to £1.99m.
Pay to directors increased by 18% from £872,475 to £1.02m and the highest paid director received £359,375.
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 "this is due to a number of external factors including the rise of streaming services transforming the way television is viewed".
The directors state that "Merman Television Limited continues actively to maintain strong working relationships with key broadcasters as well as key talent".
The directors also point to the new streaming services tending to acquire all intellectual property rights "so that a shift commissioning to these services may adversely impact the company's distribution revenue".
The group’s cost of sales for 2024 totalled £25.56m resulting in a gross loss of £2.35m. The group received 'other operating income' of £612,481.
At the end of December 2024, the group's accumulated profits totalled £553,575. The group's cash funds decreased sharply from £8.8m to £1.6m.
Reporting by Gordon Deegan
