Taskmaster makers in the money as profit jumps
The makers of hit TV shows such as Taskmaster have given themselves a sizeable pay day after profits at the production company continued to rise.
The London-headquartered Tiverton 2 group, which owns a range of TV production companies including Avalon Entertainment, issued a dividend of £12m in October last year.
That came off the back of the firm’s pre-tax profit jumping from £7.7m to £10.3m in the 12 months to 30 June, 2024, compared to the prior year.
The business, which has also made Not Going Out and Catastrophe, had previously issued a dividend of £9m in July 2023 and a second dividend of £3.3m in April 2024.
New accounts filed with Companies House have also revealed that the firm’s turnover dipped from £99.1m to £94.7m in the year.
The Taskmaster maker said its fall in turnover by four per cent was “due to the finalisation of a number of scripted TV projects” as well as a “higher focus on development opportunities”.
However, the company added that its profit increased “due to an increase in higher margin revenue streams, with overheads reducing in line with reduced revenues”.
Other TV shows produced by Avalon have included The Russell Howard Hour, TV Burp and Starstruck.
Its podcasts include Shagged. Married. Annoyed with Chris and Rosie Ramsey while it was also behind Jerry Springer: The Opera.
Avalon Entertainment was co-founded by Jon Thoday who also serves as its managing director.
Avalon was set up in 1989 and now has offices in London, Los Angeles and New York.
A statement signed off by the board said: “The Tiverton 2 group has continued the successful strategy of developing and maximising strong brands, achieved by: working with some of the best creative talent in the entertainment business; nurturing and developing new ideas and properties both on-screen and on-stage; delivering a strong television production and live events schedule; retaining rights in TV programming; and by having a highly focused distribution team operating in the secondary TV market.
“This strategy requires a significant level of reinvestment of profits back into the creative process.
“The directors feel confident that the financial risks thereof are managed appropriately.”