SIMON Cowell’s TV company has reported that profits are down by nearly £30million.
It is another setback for the pop mogul who broke his back in a fall from an electric bike in August.
New accounts for SimCo Ltd show profits slumped from £34.6million in 2019 to £5.8million in the last 12 months.
The previous results, for the preceding 18 months, showed bumper profits of £34.6million – proportionally double.
Documents filed at Companies House for the business — which handles earnings from the two telly franchises — also show Simon did not pay himself a wage due to the financial slump.
The paperwork revealed the TV and music producer’s company accrued £17.7million last year — down from £65.5million the year before.
Simon has since resigned as a director of the firm in September last year, as part of a complex restructuring deal with former business partners Sony Music, and has transferred his TV franchises to another company.
An insider said: “Everyone in the TV industry has been hit by the pandemic and Simon’s company has taken a considerable battering.
“With The X Factor rested and BGT plagued by issues, it’s been a slow year.
“Simon is a savvy businessman, however, and he’s no doubt going to be back on top over the next 12 months.”
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