Andrew Lloyd Webber’s family of six West End theatres saw turnover and attendance figures slightly up in the year to June 30, 2024, according to figures submitted to Companies House. Turnover was up 4% to £198.1m, while box office takings were up by 4% to £131.4m despite attendance rising by just 1.3% to 3.3 million. LW Theatres said its figures were assisted by a higher average ticket price due to “excellent programming”.
Pre-tax profit was cut from £21.4m to £11.6m during the year primarily due to greater finance costs.
Total operating profit of £20m was down slightly year-over-year. This was in part due to £4.9m spent on refurbishment and maintenance.
Looking ahead, LW Theatres is concerned about the impact of a huge uptick in national insurance contributions from the start of April. Announced in last year’s Budget, rates will rise from 13.8% to 15%.
A statement signed off by the board said: “We expect another full year of trading next year, although the recently announced increase in national insurance in the next financial period and beyond will have a notable impact on our business.”
LW Theatres’ portfolio includes Theatre Royal Drury Lane, The London Palladium, Adelphi Theatre, Cambridge Theatre, Her Majesty’s Theatre and Gillian Lynne Theatre. During the year the venues welcomed major musicals, pantomimes and leading comedians such as Ricky Gervais.