Yahoo Finance Question Time maker wants to reclaim ‘world-class’ status after falling to a loss
The group which makes Question Time, Amazon’s UK Premier League coverage and Top Chef wants to recover its position as a “world-class television content business” after falling to a loss during its latest financial year.
Tinopolis Group has reported a pre-tax loss of £24.5m for the year to September 30, 2023, after making a profit of £2.8m in the prior 12 months.
The group said the loss was because it incurred impairments totalling £30.8m during the year.
Newly-filed accounts with Companies House also show that its revenue fell from £235.9m to £219.5m.
Tinopolis Group’s 13 production companies include the likes of Daybreak Pictures, Fiction Factory Films, Magical Elves, Mentorn, Pioneer Productions, Sunset+Vine and Video Arts.
Founded by chairman Ron Jones in Wales in 1990, the group has production bases in Cardiff, Llanelli and Glasgow.
A statement signed off by the board said: “The importance of high-quality content is increasing in an ever-evolving media landscape.
“The directors are well aware of evolving consumer consumption behaviour, growth of new global platforms and changing tastes in demand for genres and formats.
“The directors’ long-term strategy is to recover the group’s position as a world-class television content business and to maintain and develop strong relationships both with its traditional customers and the newer global platforms.
“Where the needs of different stakeholders are not aligned, the consequences of decisions are weighed carefully.
“Whilst precedence is given to long-term benefits, the directors will consider whether these are outweighed by short-term impacts in reaching their conclusions.”
The group generated £200.9m from programme revenue, down from £214.8m, £15.2m from distribution revenue, down from £18m, and £3.4m from digital revenue, up from £3m.
During the year the average number of people employed by the group fell from 529 to 478.
