Downton Abbey maker Carnival Films scraps dividend as earnings dip ahead of third film
Earnings at the production company behind TV hits such as Downton Abbey dipped in 2023 after the income it generates from its back catalogue fell, it has been revealed.
Carnival Films has reported a turnover of £43m for its latest financial year, according to newly-filed accounts with Companies House.
The figure comes after the business posted a turnover of £50.3m in 2022.
The results also show that its pre-tax profit dipped from £9.9m to £7.3m over the same period.
The London-based company has also made the likes of The Hollow Crown, Hotel Babylon, Agatha Christie’s Poirot and the Downton Abbey films.
Carnival Films said that its turnover fell in 2023 because of a “reduction in royalties from the distribution of new and existing titles”.
It added that its gross margin improved from 40 per cent to 54 per cent as a result of better margins from existing titles.
The directors have not recommended a dividend to be paid for 2023, having paid out £15m in 2022.
Carnival Films generated a turnover of £21.8m from the UK in 2023, down from £29.6m, while its sales in the USA rose from £20.7m to £21.1m.
Carnival Films has been owned by NBCUniversal, which is ultimately controlled by Comcast, since 2008.
The business was acquired for £30m from Australian company Southern Star.
At the time its biggest hits were Harley Street and Hotel Babylon while it had previously made the likes of Poirot, Jeeves and Wooster and Rosemary and Thyme.