Pathé switches to high-end TV drama as loss continues despite Sir Michael Caine swan song
The UK arm of movie maker Pathé remains in the red despite releasing the final film featuring Sir Michael Caine amid its switch to high-end TV drama.
Pathé Entertainment, which is headquartered in London, has reported a pre-tax loss of £4.8m for 2023, according to newly-filed accounts with Companies House.
The loss comes after the business also posted a deficit of £1.9m for 2022.
However, the new accounts also show its turnover jumped from £16.7m to £26.6m in the year.
Its turnover was boosted by the releases of Hallelujah in March 2023 and The Great Escaper in October – the final film featuring Sir Michael Caine.
Pathé moves away from independent films
A statement signed off by the board said: “During 2023, with the appointment of Faith Pinhole, the group started the process of moving its focus from independent feature films to the development and production of high-end TV drama.
“By the end of 2023, the TV development slate included a number of projects at various stages and had attracted the support of both UK TV broadcasters and international streamers.”
It added: “The group has several projects in the development stage (including some in partnership with broadcasters/streamers) which could move into production in the foreseeable future, and continues to seek new projects to develop.”
Pathé’s previous films have included Misbehaviour, Judy, A United Kingdom, Viceroy’s House, Florence Foster Jenkins, Suffragette, Selma and Pride.
Its back catalogue also includes Philomena, The Iron Lady, 127 Hours, Slumdog Millionaire, The Queen, The Duchess, The Duke and The Lost King.
The results for Pathé come after Aardman, the studio behind Wallace and Gromit, fell into the red during 2023.
The Bristol-headquartered business has reported a pre-tax loss of £550,135 for its latest financial year.
The loss comes after the studio posted a pre-tax profit of £1.5m in 2022.