See-Saw, the production outfit behind shows including Netflix’s “Heartstopper” and Apple TV+’s “Slow Horses,” has posted an income of £79.7 million ($97 million) for the year ending June 30, 2021.
The accounts, which were filed at U.K. company registrar Companies House on Wednesday, show that turnover has almost doubled at the U.K. and Australia-based producer. The previous year’s turnover, for the year ending June 30, 2020, was £43.4 million.
The increase in production, however, has also seen the company’s costs increase “significantly” to £92.9 million. The previous year’s costs came to less than half that number, at £43.8 million.
The figures were no doubt also affected by localized inflation in the industry, attributable to the U.K. production boom.
However, thanks to a £16 million tax credit, overall profits for 20/21 came to £2.13 million, a considerable improvement on the previous year’s accounts, which showed a loss of £24,000.
According to the financial report, £1.88 million of the profits were attributable to “three ongoing TV shows,” although it did not specify which shows.
The accounts also give a breakdown of income — or gross revenue — by market, with most of the company’s income coming from the U.S. (£75.9 million), followed by the U.K. (£3.7 million) and Australia (£159,001).
2022 has been a stellar year for See-Saw, with both “Heartstopper” (pictured above) and “Slow Horses” being renewed for multiple seasons while “Power of the Dog,” which the company also produced, was nominated for a best picture Oscar while Jane Campion walked away with the gong for best director.
Despite the success of “Power of the Dog,” which also saw stars Benedict Cumberbatch, Jesse Plemons and Kirsten Dunst score Oscar noms, increasingly, it is television — or, more specifically, streaming — that is proving profitable, as is noted in the financial report.
“The entrance to the market of the SVODs has massively increased competition amongst the commissioners, leading to more intense demand for distinctive content,” reads the financial report. “The Group is very well placed to capitalize on this opportunity, extending the reach of the Group’s brand with upcoming contemporary returning series commissions such as ‘Slow Horses’ and ‘Heartstopper’ while continuing our reputation for authored, cinematic, limited series with ‘The North Water’ and ‘The Essex Serpent.’”