Left Bank Pictures’ profits double to £4m19 March, 2013 | By Jake Kanter
Left Bank Pictures’ pre-tax profits more than doubled last year ahead of its £40m sale to Sony Pictures Television (SPT).
The drama indie’s profits rose to £3.98m in the year ending 30 June 2012, a 116% increase on the £1.84m posted the previous year, according to documents published on Companies House this month.Left Bank’s
turnover increased 55%, or £15.9m, to £44.85m over the 12 month period boosted by shows such as Strike Back
, while its profits after tax hit £2.94m. This was up on the £1.3m profit recorded in 2011.
The company, which employs 22 staff and has a wage bill of £1.89m, said 64% of its revenue was secured in the UK, where it produces shows including ITV’s DCI Banks
and Broadcast Award-winning Cardinal Burns
Earnings before interest and taxes rose 114% from £1.89m to £4.05m, confirming SPT paid a double-digit multiple to secure a controlling stake of around 51% in the company in August last year
Left Bank’s highest paid director, thought to be chief executive Andy Harries
, received a remuneration package of £250,000 in the 12 months to the end of June 2012. This was down 20% on 2011’s pay deal of £314,220.
As part of SPT’s takeover, brokered by About Corporate Finance, the company agreed to distribute all of Left Bank’s new content and formats, and will be first in line to sell the indie’s future feature films.
BBC Worldwide will continue to represent Left Bank’s back catalogue of content – including Mad Dogs and DCI Banks – and will retain around half the 25% stake it took in the company when it was first established in 2007.
It is understood that Left Bank directors Harries and Marigo Kehoe and finance director Grace Wilson, have also halved their stakes in the business, giving SPT its controlling 51% share.Mammoth Screen
Separately, another prominent drama producer, Mammoth Screen
, also published its results for the year ended 31 October 2012 on Companies House this month.
It showed the producer, run by Damien Timmer and Michele Buck, recorded revenues of £24.62m last year, more than double the turnover of £11.7m posted in 2011.
The growth meant that Mammoth’s pre-tax profits rocketed from £367 to £129,180 last year after it produced shows including BBC2’s Parade’s End and Falcón for Sky Atlantic.