Formula 1: Drive to Survive maker in the red after huge expansion
The maker of hit Netflix series Formula 1: Drive to Survive has fallen into the red despite its turnover accelerating by almost 180 per cent.
Box to Box Films, which was founded by James Gay-Rees and Paul Martin and is headquartered in London, has reported a pre-ax loss of £4.4m for the year to 31 March, 2024.
The loss comes after the firm reported a pre-tax profit of £2.4m in its prior financial year.
However, newly-filed accounts with Companies House show its turnover surged from £15.8m to £43.9m over the same period.
The company said its turnover increased “mainly due to continued success in winning new productions, expansion in the US market and through acquisitions during the year”.
It added that its pre-tax profit was hit by “certain one-off costs and is expected to return to growth in the next financial year”.
During the year the average monthly number of people employed by the group surged from 60 to 192.
Drive to Survive maker targets return to profit
Drive To Survive first aired in 2019 and its latest series is due to be released in the coming months.
Gay-Rees won an Oscar in 2016 for a documentary on the late singer Amy Winehouse and produced a film about the life of former F1 driver Ayrton Senna.
His co-founder is also known for a documentary on Diego Maradona.
Towards the start of 2024, Box to Box Films secured an investment of £30m from global sports and entertainment investment company Bruin Capital to help fund its future expansion.
Box to Box Films was also the production company behind the Six Nations: Full Contact docuseries which launched on Netflix ahead of 2024’s championship.
Other productions the business has been behind include Break Point, Tour de France: Unchained and Full Swing for Netflix.
As well as its London head office, Box to Box Films has bases in Los. Angeles and France.
A statement signed off by the board said: “The group has performed well during the period and has continued to secure commissions for both new and returning series.
“The commercial environment in which the group operates remains competitive, but the directors believe that the group’s unique position of creating high-end unscripted sports series and feature documentaries will enable it to maintain its current position in the future, using the format to grow into other areas.”
Box to Box Films added: “The directors are confident that by pursing current management policies, the group will achieve continued success in the years ahead.”