EXCLUSIVE: The Crown season three scooped up a record haul of Golden Globes nominations earlier this week, and now the Netflix juggernaut and shows like White Lines have helped boost producer Left Bank Pictures’ earnings to an unparalleled high.
According to earnings filed at Britain’s Companies House, Left Bank’s television arm posted revenue of £108M ($142M) in the 12 months to the end of March 2019, which was up 93% on the £55.8M recorded in 2018.
It is the first time Left Bank’s revenue has tipped over the nine-figure mark and is comfortably the Sony Pictures Television-owned company’s best year of income. The closest was in 2017, when it generated £78.6M in revenue.
On the back of record revenue, Left Bank’s pre-tax profit hit £13.7M, a 1,247% increase on 2018’s profit of £1M before taxation. On this measure, the company did not beat its 2017 performance, when its pre-tax profit stood at £16.4M.
Left Bank’s bumper 12 months coincided with it producing season three of The Crown, complete with a brand new cast and Olivia Colman in the central role of Queen Elizabeth II. Moreover, the indie had its one of its busiest years for production since setting up in 2006, with White Lines, Outlander, Strike Back and Behind Her Eyes all shooting.
Left Bank CEO Andy Harries said: “It’s been an amazing few years for Left Bank — our busiest ever. The growing slate includes two new series for Netflix, the Ibiza-set White Lines with Alex Pina (Money Heist) writing, and the supernatural thriller Behind Her Eyes based on Sarah Pinborough’s book. Plus, the ongoing success stories of The Crown, Strike Back, and Outlander.
“The 10-part sci-fi series Origin was delivered to Youtube and 2020 promises to be even busier with James Graham’s Quiz for ITV and AMC, directed by Stephen Frears, and Misbehaviour, a feature film starring Keira Knightley. We now have over 40 full-time staff working on a full development slate for global and domestic networks.”
Some £75.9M of Left Bank’s revenue, or 70%, was generated in the UK, while the rest was from the U.S. TV production and royalty income made up just over £100M of the revenue, while the remainder was from “intercompany recharges,” according to the earnings.
Left Bank employed 14 people in the year to March 2019, down from 30 the previous year. Its total wage and pension bill stood at £2.2M this year, down from £5.2M in 2018. The highest-paid director, likely to be Harries, took home a total salary of £513,000 — an increase of 60% on 2018’s £320,000.