US commissions boost Shed results
- Published: 30 September 2008 09:51
- Author: Chris Curtis
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- Last Updated: 30 September 2008 10:12
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Shed Media generated more than a third of its £12.6m gross profit in the first half of the year from US broadcasters.
The super-indie's key transatlantic commissions included the 14 x 60-minute Project Pygmalion for Lifetime and the 20 x 60-minute It's Me or the Dog for Animal Planet.
It also won recommissions for Supernanny USA and Real Housewives of New York City, and Wall to Wall has won a 6 x 60-minute order for Who Do You Think You are from NBC.
The orders contributed to US programme revenues of £7.6m during the six months to 30 June, which in turn generated £4.3m of gross profit.
The strong US contribution and the impact of the acquisitions of Wall to Wall and Twenty Twenty helped Shed Media increase group turnover to £34.2m, against £18.1m for the six months to 30 June 2007.
The acquisitions contributed £13.2m of the total revenue growth of just over £16.m. Group gross profit was £12.7m against £6.8m at the start of last year.
UK programme revenues more than doubled for the period to £19.8m, largely due to the two acquisitions.
Shed chief executive Eileen Gallagher said: "We have successfully diversified our core production business creating strong programme brands across a wide range of genres. With IP revenue accounting for 42% of gross profit we are now a fully diversified content creator with stable income streams going forward."
The company has 18 new projects in paid development.
