Andrew Lloyd Webber's Profits Double in Past Year
According to reports, profits for Andrew Lloyd Webber have doubled in the past year. Revenues at Really Useful Investments rose 10pc to £161m in the 12 months to June 30, according to documents filed at Companies House, while pre-tax profits climbed 98pc to £9m. Operating profits were 38pc higher at £15.3m.
Really useful Investments owns several London theatres, and rights to over 16 musicals around the world. The London Palace Theatre was used by Lloyd Webber to refinance and refurbish the London Palladium.
According to the Telegraph, "in the 12 months to June 30 it paid out £1.49m in royalties to Two Knights Rights, another company controlled by Lord Lloyd Webber, marking a 12pc increase on its payout to the firm the previous year. However, strong ticket sales in 2012 did not trigger as much of a windfall for Lord Lloyd Webber as might have been expected. The theatre chief took £11.5m out of the company in 2010 in the form of an advance on royalty payments, relating to a deal with Universal Publishing which extends until 2016. Last year, his musicals and other rights brought in £838,000 of royalty payments that have been written off against the advance, compared to £5.4m the previous year."