Covid plunged award-winning independent production company Mind The Gap Films into the red last year as lockdowns had a big impact on its shows.
That is according to new accounts which show that the €305,901 post tax loss for the 12 months to the end of June last followed a profit of €96,149 in the prior year – a negative swing of €402,050.
Director of the Mind The Gap Films Bill Hughes said that “the loss of live shows which were the main earners for us in the previous years meant that we had to adapt to a new reality”.
The new accounts for the Mind the Gap state that the impact of Covid-19 on the business and results has been “significant”.
The company is not alone in terms of Covid-19 impact in the independent sector with the Director General of RTÉ, Dee Forbes recently telling the Public Accounts Committee that pandemic disruptions meant it did not meet its statutory obligation to spend about €40m on commissions from independent companies.
Mr Hughes said that as a result of Covid-19 “a number of productions were unavoidably delayed due to lockdown”.
He stated that “once it was legally possible to get back out on the road, following all Covid guidelines as laid down by the Government and our industry association we did so”.
“So our main focus has returned to documentary making and factual entertainment,” said Mr Hughes.
”We have used the last year to develop a raft of exciting new projects across a number of genres, which are currently under consideration with broadcasters.”
“The pandemic has been particularly challenging, but we are confident we will come through it.”
In March, the production firm’s second series of My Tribe was critically acclaimed and this followed good notices for the production company’s feature length documentary After A Woman’s Heart that was broadcast in December.
Mr Hughes stated: “We are currently producing a BAI-supported series for Virgin which will air later this year.”
At the company, shareholder funds reduced to €181,168 from €487,069 with accumulating profits declining to €31,058 from €336,969.
During the year, the company’s cash funds reduced to €410,935 from €443,666. The company availed of the Temporary Wage Subsidy Scheme (TWSS) and staff costs reduced from €371,680 to €277,885.
This article was amended on May 4, 2021, at 08.34