Turnover at TOWIE's Lime Pictures nears £50m
Liverpool-based production company Lime Pictures has reported turnover of more than £48m in its latest results. It comes following the success of its TV hits including The Only Way is Essex and Hollyoaks.
The business reported a turnover of £48.8m for the year to 31 August 2011, which is up from £39.1m in 2010.
The company has also reported a boost in profit. Pre-tax profit at the television company increased to £11.5m from £10.1m in 2010.
The company said in its latest accounts: "The commercial environment in which the company operates remains competitive, but the directors believe that the company's position as one of the leading television production companies will enable it to maintain its current position in the future.
"The key business risks and uncertainties affecting the company relate to the general economic environment, competition from other television producers and the success of the company's programming."
Lime Pictures is part of All3Media Holdings, and the parent company reported a turnover increase of more than £100m to £465m for the year to 31 August 2011. All3Media also reported a pre-tax loss of £45.7m.
Lime Pictures was founded in 1982 by Phil Redmond as Mersey Television. The company was known for producing popular Liverpool soap Brookside until it finished production in 2003.
Teenage soap Hollyoaks has been produced by the company since 1995, and in 2010 the company started producing reality ITV2 TV show The Only Way Is Essex. TOWIE, as it is commonly referred to, is currently in its fourth series and follows the lives of a number of characters living in the Essex area.
The show has been a hit and has pulled in more than a million viewers for each episode. Its highest ever figures were for the start of the third series last October when it received almost 1.8 million viewers.
The company, which employs 295 staff, has also produced an adaptation of US reality show Jersey Shore set in Newcastle called Geordie Shore and created children's drama Grange Hill until it ended in 2008.
