EVERTON Football Club chairman Bill Kenwright says his theatrical company is still performing strongly, despite a fall in profits.
In accounts recently filed at Companies House, Bill Kenwright Ltd said pre-tax profits for 2008 stood at £446,000 – down from £578,000 the previous year.
Wavertree-born Mr Kenwright, who acted in Coronation Street before becoming a theatrical impresario, has made a fortune after producing hundreds of shows in the West End and around the world.
In 2008, he received dividends of £1m as well as pay of £400,000. No dividend was paid in 2007.
But, as he admits, even his fortune cannot compete with those held by the owners of clubs such as Chelsea and Manchester City – so his search for a new investor for Everton continues.
Bill Kenwright Limited saw turnover soar from £29m to £46m, including the costs of producing 2009 film Cheri.
The director’s report said: “The company continues to be one of the most prolific producers in the UK. During 2008, the company produced a total of 18 shows including Joseph and the Amazing Technicolor Dreamcoat, Blood Brothers, Cabaret, Evita, Absurd Person Singular, Sleuth, And Then There Were None and An Ideal Husband.
“Profit on ordinary activities before tax is the group’s key performance indicator, and in a challenging economic climate the group generated a profit on ordinary activities before tax of £446,000.
“The majority of our profits continue to be derived from our core business of producing quality theatre plays and musicals. However, this year’s figures for turnover and cost of sales have risen by the inclusion of the production of the feature film, Cheri.
“A strong balance sheet (reserves of £11.7m) enables the company to continue with its successful mix of producing long-running acclaimed shows combined with developing and producing new innovative shows both in the UK and overseas.
“Despite worsening economic conditions in the second half of 2008 and continuing into 2009, the quality of the group’s productions has continued to attract substantial audiences.
“The group is still performing strongly and is expected to report a healthy profit for 2009, and the director is confident (it) will continue to prosper throughout 2010 and beyond.”
In a group restructure in 2009, the company’s £7.5m investment in Everton FC was transferred to another of Mr Kenwright’s companies.
Mr Kenwright has spoken publicly many times about his belief that Everton needs a wealthy investor to drive the club forward so it can regularly challenge for a top four slot.
Football industry finance expert James Dow, of Cheshire firm Dow Schofield Watts, said: “Bill Kenwright is a very successful businessman in the leisure industry.
“In an industry in which it’s quite difficult to make money, he has been successful. He’s extremely confident and capable at what he does.
“But, despite being in the higher echelons of his chosen field, that doesn’t give him the money he needs to compete effectively with a lot of Premier League investors.”
In 2008, Bill Kenwright Limited made £17,000 of donations to Labour.
