Turnover dropped below the £1bn mark at TV and film production powerhouse All3Media, which is behind the likes of The Traitors, in the year before it was acquired by RedBird IMI, the investment fund helmed by US media titan Jeff Zucker.
The London-headquartered company was snapped up from Warner Bros Discovery and Liberty Global in a deal valued at £1.15bn in February 2024.
All3Media is also behind shows such as Call the Midwife, Squid Game: The Challenge and Gogglebox.
All3Media, which was put up for sale in 2023, had attracted interest from suitors including the French TV production group Banijay, Sony, Goldman Sachs and ITV.
Now, according to newly-filed accounts with Companies House, the business generated a revenue of £995.1m in 2023, down from over £1bn in the prior 12 months.
It also made a pre-tax loss of £27.8m after also making a loss of £29.7m in 2022.
However, the group said it did achieve its highest level of EBITDA (earnings before interest, taxes, depreciation and amortisation) in the year after it increased from £100.2m to £107.4m.
International sales fall at Race Across The World maker All3Media
All3Media achieved a revenue of £735m in the UK, down slightly from £737.4m, while it was cut from £140.6m to £120.5m in the US.
In the rest of the world the company’s revenue also fell from £142.6m to £139.5m.
Its pre-tax profit in the UK climbed from £38.6m to £50.3m but its loss in the US widened from £687,000 to £1.5m.
In the rest of the world All3Media’s profit was slashed from £8.6m to £1.7m.
The All3Media group owns more than 40 production companies in the UK, US, Germany, Belgium, the Netherlands and New Zealand.
Its shows also include the likes of Race Across the World, Great British Menu, Hollyoaks and Sort Your Life Out.
A statement signed off by the board said: “While there continues to be an uncertain economic environment with weaker demand from free to air broadcasters in Europe, as well as pressure on margins in the production sector, the group’s ability to product and sell programmes internationally, together with its continued ability to attract and retain creative talent, helps to mitigate the impact of this.
“A softer US market continues to impact and delay commissioning decisions, but we expect growth to return in the future.
“Our group cost saving programmes are on course to deliver in 2024 and this will help mitigate the impact from weaker demand.
“We continue to have a strong pipeline of programmes and we see further diversification towards streamers in out strategic long range plan.”