Jesse Armstrong’s Variety Artists Limited reported an after-tax profit of 2.6 million pounds (3.5 million US dollars) following the success of “I May Destroy You”.
Profit for the year to March 2021 was more than double that of the previous year, which was 1.2 million pounds ($1.6 million) according to Vartest Ltd.’s latest financial report, which was filed at UK Companies House on 17 December.
Armstrong, who is also the presenter of the hit HBO series “Succession,” co-founded Various Artists Ltd in 2017 with “Peep Show” co-host Sam Payne and former Channel 4 commissioners Phil Clarke and Roberto Troni. (The Succession is not produced by Various Artists Ltd.)
BBC Studios owns a minority stake in the company.
The year-end financial report of Various Artists Ltd acknowledges “I May Destroy You,” written and starring Michaela Coel, as one of the main drivers of “the company’s great success thus far, for the short life of the company.”
“In particular, ‘I May Destroy You’ has been one of the most talked-about and critically acclaimed TV shows in living memory, winning awards including five BAFTA Awards, three RTS Awards, and two Emmys.” “This has positioned the company as a highly desirable production partner for both broadcasters and top TV talent.”
First broadcast on BBC and HBO, “I May Destroy You” tells the story of a woman who reevaluates her life after she was sexually assaulted in a nightclub.
CEO Clark and Troni produced the show along with Coel and show director Sam Miller.
A diverse artist company is producing “Dead Pixels” in its second season and Sally4Ever starring Julia Davis.
The report asserts that Various Artists Ltd “retained its entire central team throughout the pandemic, and did not require any support through government loan schemes.”
However, the pandemic continues to affect production, the report acknowledges, which is not surprising given that a large proportion of any given project’s budget is dedicated to compliance with COVID-19 protocols including stringent testing procedures. The report states that “the COVID-19 pandemic has continued to put pressure on budgets and schedules, and has introduced an element that jeopardizes the normal production process.”
Accordingly, while Various Artists Ltd’s after-tax profits have increased, its total revenue has actually decreased by around £3 million ($4 million).
Revenue for the year ending March 31, 2021 was 11.8 million pounds ($15.8 million) while revenue for the previous year ending March 2020 (which time the UK entered its first pandemic lockdown) was 14.5 million pounds ($19.4 million).
Despite this, UK production is booming, and company directors, including chief operating officer Greg Allon, chief production officer Marilyn Bennett and BBC studios as well as Armstrong, Payne, Troni and Clark, have an optimistic outlook.
“The directors see the future prospects for Variety Artists Limited as very positive,” the report says. As 2021/22 begins, the COVID-19 pandemic continues to affect the UK television industry, and the company’s order book. However, the members of the Board of Directors are confident that the group has strong foundations to face any adverse circumstances[.]”
Among the reasons for their optimism, the report cites a closed cash balance of 7.44 million pounds ($10 million), up from 3.82 million pounds ($5.1 million) last March and a “compelling list of potential production and strong ties with the United Kingdom and the United States.” Broadcasters”.