Simon Cowell’s talent agency YMU significantly cut loss ahead of sale
The talent agency that represents the likes of Simon Cowell, Graham Norton and Claudia Winkleman significantly cut its pre-tax loss in the year before it was sold.
YMU, whose clients also include Nicole Scherzinger, Stacey Solomon and Ant and Dec, has reported a pre-tax loss of 32m for 2023, according to newly-filed accounts with Companies House.
The London-based business had previously reported a pre-tax loss of £16.2m for 2022.
The new accounts also show that its turnover nudged up from £41.6m to £42.4m over the same financial year.
The results come after YMU was sold in March 2024 sold for £60m.
The business was taken over by Permira Credit in a move which saw Trilantic Europe exit the agency.
The agency is chaired by Linda Yaccarino, the chief executive of Elon Musk’s X.
YMU overcomes ‘challenging year’
A statement signed off by the board said: “Despite a challenging year, the company has ended in a significantly healthier financial position than it started.
“Revenue, including a full year of Digital Sports Management following its acquisition in September 2022, grew by two per cent.
“The social division, launched in 2022, showed strong growth, consistent with the increasing digital advertising industry growth and offset some of the headwinds in the entertainment division resulting from recent TV advertising declines.
“The sports division had a good year driven by football player transfers while the business management division, which provides professional accounting, tax and royalty examination services, also had good revenue growth.
“While the US music division did not perform as hoped, the UK music division saw increased music advances for some key clients.
“The group continues to invest in the team to help drive growth and build momentum in revenues and continues to diversify its offering to clients, particularly in commercial revenues, brand deals and intellectual property/ venture opportunities while also simultaneously driving cost efficiencies.”