‘X Factor’ U.S. Propels Simon Cowell’s Simco To Double Pre-Tax Profits

Recently filed financial documents for Simco, the TV production arm of Simon Cowell and Sony Music’s Syco Entertainment, show pre-tax profits more than doubled to £32.6M ($52.2M) for the year ended March 31 2012. The 138% increase was largely spurred by the launch of The X Factor in the U.S., the filing said, according to UK trade Broadcast. Turnover at the division was £54.7M with the U.S. repping £22.93M of the whole, up from just £3.21M in 2011. In the UK, the company reported revenues of £26.7M, up from £21.7M a year earlier. The X Factor recently completed its second season on Fox in the U.S., with a third to come, while the British version is embarking on its tenth series this year. That show is facing declines in the UK with its December finale hitting a 6-year low. Execs are mulling changes for the next edition of the singing competition whose contract is up with Britain’s ITV at the end of the tenth run. Simco also produces the Got Talent format franchise and Cowell is returning to the UK as a judge for the upcoming seventh season of Britain’s Got Talent which scored big ratings for its finale last May. Its contract is also up at the end of the next season and Simco suits are expected to enter negotiations on the future of both shows later this year.

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