Aardman, the animation company which makes the Oscar-winning cartoon duo, saw its profits fall from £1,061,408 to £469,243 ($747,826) in 2009. But at least it made a profit, Aardman stresses. It was reported here over the weekend that the company had made a whopping £2.5 million loss. That’s because we journos looked in the wrong column of Aardman’s profit-and-loss account, finance director Kerry Lock tells me. Aardman has been dragged down by its TV commercials division reporting its lowest income for 5 years plus an expensive move into its new Bristol headquarters. Because of the way the 20% UK film tax credit works, it makes reporting year-end accounts much more complicated, Lock says. Aardman is owed £2.9 million in tax credits, which will convert the £2.5 million loss reported in one column into the £469,243 profit reported in another. The animator’s in the middle of production on two new Sony movies: Arthur Christmas and Pirates. It’s due to deliver Arthur Christmas by the end of 2011 and Pirates in 2012. The company generated a 59% increase in turnover last year to £31.6 million.
By TIM ADLER in London | Monday, 11 October 2010 05:25 UKTags: Aardman Animation, Animation, Movies, UK Film Tax Credit
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This article was printed from http://www.deadline.com/2010/10/wallace-gromit-profits-fall-by-56/
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