Overview: A Resilient Year for Merman Television
Sharon Horgan’s Merman Television Ltd, the London-based production outfit behind hit shows such as Divorce, Motherland, Catastrophe and the Apple TV+ hit Bad Sisters, has reported consolidated accounts showing a revenue figure of €26.7 million (translated from £23.2 million) for the year ending December 2024. While the top line rose thanks in large part to Bad Sisters’ continued success on Apple TV+, the company’s profitability profile painted a more nuanced picture, with post-tax profits dipping to £167,428 and a pre-tax loss of £4.48 million.
Key Financials: Revenue, Profit and Tax Credits
The accounts, lodged with Companies House, show a 12% year-on-year decline in revenue from £26.32m to £23.2m. The group benefited from £4.65m in UK TV and movie tax credits, which helped convert a pre-tax loss of £7m in 2023 into the smaller loss of £4.48m in 2024 and a post-tax profit of £167,428. Directors describe the period as a “successful trading period” driven by progress on several major productions, with costs kept under control despite market headwinds in the TV industry.
Production Successes and Strategic Focus
At the heart of Merman’s success is its ability to develop high-quality programming for both UK broadcasters and international streamers. The 2024 highlight was the screening of Series 2 of Bad Sisters on Apple TV+, which helped sustain global interest in the company’s slate. The enduring appeal of Horgan’s shows—characterful storytelling, sharp wit and strong female-led narratives—continues to attract commissions and talent partnerships across the US and UK markets.
Beyond Bad Sisters, the group’s long-running productions such as Divorce, Motherland and Catastrophe have cemented Merman’s reputation for scripting award-winning TV and film while expanding into branded entertainment and premium short-form content. The directors reiterate that Merman Television “will continue to operate as a distinct company developing and producing programmes for major UK broadcasters and streaming platforms.”
Costs, Staffing and Financial Health
The group’s cost of sales for 2024 was £25.56m, resulting in a gross loss of £2.35m, with a boost from other operating income of £612,481. Staff costs rose from £1.77m to £1.99m, while directors’ pay increased by 18% to £1.02m, with the highest paid director earning £359,375. Employment levels remained steady at 14 staff, reflecting a lean approach to production cycles and overheads.
Additionally, the group’s cash reserves fell sharply from £8.8m to £1.6m during the year, highlighting the capital-intensive nature of TV production and the timing of revenue recognition across international projects. Accumulated profits stood at £553,575 at year-end, underscoring a business that remains capable of absorbing volatility while pursuing growth paths through high-profile releases.
Strategic Risks in a Shifting Landscape
The directors flag several external pressures shaping the industry. Some broadcasters are tightening budgets post-pandemic, leading to slower commissioning and a cautious approach to upfront series investment. The rise of streaming services, with many players seeking to secure all intellectual property rights, could affect traditional distribution revenue and alter how commissions are allocated. Against this backdrop, Merman emphasises maintaining strong relationships with broadcasters and talent to navigate an increasingly fragmented market.
Outlook
Despite a difficult macro environment, Merman Television remains focused on developing and producing programmes for major platforms while exploring opportunities in branded entertainment and premium content. The company plans to leverage its track record with acclaimed titles to attract future commissions, while managing overheads to protect profitability as the industry evolves.
Founded in 2014, Merman works across the US and UK, with a reputation for writing, producing and delivering high-quality television that resonates with diverse audiences. The group continues to adapt to a rapidly changing landscape where streaming services shape commissioning and distribution strategies, keeping Merman at the forefront of contemporary TV production.
