Revs up 98%, profits up 209%
LONDON — Revenue at Shed Prods., one of the U.K.’s leading independent production companies, rose 98% to £11.9 million ($21.7 million) for the six months ending February 28. Gross profits were up 209% to £2.8 million ($5.1 million).
Shed delivered three drama series during that period — the fourth series of “Footballers’ Wives,” new army drama “Bombshell” and new children’s drama “The Fugitives” — compared with one series in the same period last year.
Prospects for the current period are also bright with ITV commissioning a fifth series of “Footballers’ Wives,” and the seventh series of “Bad Girls” now airing on the channel.
Shed wants to forge relationships with other U.K. broadcasters. Following legislation in 2003, shingles are now able to retain and exploit secondary rights to programs commissioned by the BBC, Channel 4 and Five. They had previously only been able to do so with programs sold to ITV.
Shed’s flotation on the London stock exchange in March was oversubscribed by a factor of seven. Another leading U.K. indie RDF Media, which makes “Faking It” and “Wife Swap,” floated in May, raising £29 million ($52.9 million).