Merman Television’s Rise: Profits, Successes, and Future Plans

Merman Television, known for successful shows like Catastrophe and Motherland, reported a 10% drop in post-tax profits, totaling £388,188, according to new accounts. The London-based production company has seen significant growth thanks to popular series such as Divorce, Bad Sisters, and others.

Currently, Merman is in the spotlight with the second season of Bad Sisters on Apple+. While the company recorded a pre-tax loss of £7 million, it benefited from £7.39 million in UK TV tax credits, leading to the reported profit after taxes. Their revenue rose from £23 million in 2022 to £26.32 million in this period.

Merman’s directors expressed satisfaction with the progress on key productions and emphasized effective control of production and overhead costs. Ms. Horgan, the company’s founder, built Merman with her ex-husband, Jeremy Rainbird, and co-founder Clelia Mountford, who recently stepped down from the board.

Rainbird received nearly €1 million in a share deal when he left the company and sold shares back to Merman for £850,000. Founded in 2014, Merman engages in producing quality TV and film content in the US and UK, alongside branded entertainment and short-form content.

The company aims to develop programs for major UK broadcasters and streaming platforms. Furthermore, the directors noted that broadcasters have cut back spending, which impacts commissions for new content. They displayed a commitment to adapting to changes in viewer behavior, particularly with increasing demand for streaming services.

Merman reported a total cost of sales at £30.86 million, resulting in a gross loss of £4.53 million and employed 14 staff, with total employee costs of £1.77 million. The collective pay for five directors was £872,512, with the highest paid director earning £265,071.

By the end of last year, Merman’s accumulated profits were £1.24 million, while cash reserves increased from £1.5 million to £8.8 million. No dividends were distributed. Additionally, accounts from Merman Television Dublin Ltd showed a corporation tax owed of €4.37 million at the start of the year.