Love Productions, the company behind the popular TV series The Great British Bake Off, has reported a downturn in both turnover and profit during its latest financial year.
The firm’s turnover decreased to £71.7m in 2023, a drop from £79.3m in 2022, according to the latest accounts filed with Companies House, as reported by City AM.
Pre-tax profits also saw a reduction, falling from £25.3m to £22m over the same timeframe.
These figures follow on from Love Productions’ 2021 performance, where it reported a turnover of £58.1m and a pre-tax profit of £15.8m.
Established by Richard McKerrow and Anna Beattie in 2004, Love Productions became part of Sky when the broadcaster acquired a 70% stake in 2014, before taking full ownership in 2020.
In addition to The Great British Bake Off, Love Productions is responsible for creating other hit shows such as The Great British Sewing Bee, Benefits Street, The Great Pottery Throw Down, and Westside.
The company experienced a decline in UK turnover from £69.6m to £63.9m, while its international revenue also fell from £9.7m to £7.7m.
Revenue generated from the production of television programmes dipped slightly from £58.6m to £57.6m, and income from secondary sales and royalties was reduced significantly from £20.6m to £14m.
A statement from the board highlighted that “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.”
Over the course of the year, the workforce of the company behind The Great British Bake Off saw an increase from 166 to 173 employees on average.
This follows a report by City AM earlier this week that revealed the company responsible for Hollyoaks, The Only Way is Essex and Geordie Shore returned to anticipated levels in 2023 after a surge in the previous year.
Liverpool-based Lime Pictures reported a turnover of £65.2m for 2023, following a significant increase in sales to £100.9m in 2022.
The substantial rise in 2022 occurred after the company’s turnover had amounted to £63.3m in 2021.