The operator behind iconic Edinburgh venues including the Festival Theatre and King’s Theatre has continued its post-pandemic comeback as the musical Hamilton smashed the group’s box office records, according to newly-filed accounts.
Lin-Manuel Miranda’s production, which played at the Festival Theatre for nine weeks from February 28. 2024, generated record-breaking ticket sales, with more than 130,000 people heading to Edinburgh to see the show.
Festival Theatre’s Christmas Pantomime, a production of Peter Pann starring Allan Stewart and Grant Stott, also broke ticket sale records during its five-week run.
As a result Capital Theatres, the charity behind the group, saw its total income for the year ended March 31, 2024, increase to £27m, up from £15m in the 12 months before.
Although the operator’s total expenditure also increased from £11.7m in the previous year to £16.2m, the charity finished the period in the black, with net income of £10.7m, up from £3.5m in the prior 12 months.
During the year the operator continued its long-awaited revamp of one of Edinburgh’s best-known theatres, King’s Theatre, which has been closed for renovations since August 2022.
The UK Government awarded £2m towards the venue’s £37.9m refurbishment in December 2023, but in May 2024, a few months after Capital Theatres ended its financial year, it was reported that the project had fallen months behind schedule as costs soared by £2.3m in the space of six months.
The latest setback has ruled out the revamped venue being used for the Edinburgh International Festival in 2025 but the charity said it hoped that the pantomime would be able to go ahead at the new-look King’s later in the year.
Edinburgh theatre audiences return
During the 12 months the operator saw audiences grow to more than 347,000 people across its two open venues, Festival Theatre and The Studio, after Covid-19 forced them to close to the public for months at a time during the previous year.
In a statement published to Companies House, Capital Theatres said: “The financial year for Capital Theatres was strong due to a range of exciting programming successes.
“In particular we were delighted to attract to the Festival Theatre (as the only Scottish venue) the ‘first time out of Broadway and West End’ run of the global musical phenomenon, Hamilton, produced by Cameron Mackintosh.
“The show sold out over nine weeks and broke all box office records for the charity.
“Our shows more broadly out-performed pre-Covid sales, demonstrating audiences’ return to live performance.
“Our commitment to supporting Scotland’s theatre ecology was strengthened through our development of a new co-production with Raw Material: ‘James v Katherine’ which sold out in The Studio along with our co-commission with Aberdeen Performing Arts and Eden Court of ‘The Gift’ winning the Critics’ Award for Theatre in Scotland for ‘best production for children and young people’.
“At the end of the year the charity undertook a comprehensive strategic review, with extensive consultation across many diverse stakeholders including board and staff, key funders, independent artists, producers, venues, community groups and audiences.
“Our new strategy and business plan articulate the creative vision and operational road map to deliver on Capital Theatres’ ambitions, ensuring our growth, success, and sustainability flourish over the next five years and beyond.”