Cameron Mackintosh Ltd saw turnover almost double year on year – to £186 million – as the company reports its first full 12 months of accounts since the pandemic. However, the numbers are still down slightly when compared with accounts pre-pandemic.
According to documents filed to Companies House, covering the period to March 31, 2023, turnover at the company – which operates eight venues and produces shows such as Hamilton – jumped from £94.5 million the year before to £186 million.
Profit before tax was £45.5 million, compared with £18.9 million in 2022.
The accounts mark the first full year since the pandemic. Comparatively, in the year to March 31, 2019 – the last year recorded that was not impacted by Covid disruption – turnover was £210 million, with profit before tax put at £51.4 million.
"Turnover and profits were materially better than the previous year as the group’s performance continued to recover from the Covid-19 pandemic and benefited from a full year’s trading," the report said.
CML covers productions, venue operation (Delfont Mackintosh) and licensing arm (Music Theatre International).
It highlighted productions such as Les Misérables, Mary Poppins, Hamilton and The Phantom of the Opera as contributing to the success of the year, and its portfolio of eight venues, including the Prince Edward and the Novello Theatre. The report also pointed to "significant improvement in audience attendance levels".
Writing in the report, secretary Richard Knibb wrote: "Production around the world returned to something approaching normality, following the disruptions in the previous two accounting periods due to the Coronavirus pandemic. The group had productions of Les Misérables, Mary Poppins, Hamilton and The Phantom of the Opera running in the West End and a UK touring production of Les Misérables."
The success of the company comes as it emerged that producing venues in London are facing "devastating" financial issues due to increased costs and changing audience patterns, as reported by The Stage.