Production company behind ‘Poor Things’ and ‘Normal People’ sees profits slip

After-tax profits at the multi-awarding winning production company behind the screen adaptations of Sally Rooney’s Normal People fell by 49% to €2.32m during 2023.

The €2.32m profit for the Dublin-headquartered Element Pictures last year resulted in accumulated profits rising from €7.99m to €10.32m.

The company’s cash funds last year increased more than three fold, from €857,129 to €3.3m.

Last year, the conveyor belt of quality drama from Element Pictures continued with the release of Poor Things, starring Emma Stone and Mark Ruffalo.

The film achieved a worldwide box-office of $117.6m, while Emma Stone won best actress at the Oscars in March, where the film was nominated for 11 Oscars, including best picture.

In 2022, the firm, co-founded by Ed Guiney and Andrew Lowe, confirmed it sold a majority stake to global production and distribution giant Freemantle that will enable the company “to expand their capacity and continue producing television and film for international audiences”.

A note attached to the new accounts says the directors “are pleased to report a trading profit for the year and are confident of consolidating that position in the coming year”.

The company achieved the 2023 profits after taking account of non-cash depreciation costs of €176,361 and a loss on foreign currencies of €191,532.

The accounts say in the prior year, the company forgave connected company loans of €2.46m, as the directors believed “there was no chance of recoverability on these loans”.

Recent film releases by Element Pictures include Yorgos Lanthimos’ Kinds of Kindness, with Emma Stone, Jesse Plemons and Willem Dafoe.

Mr Lanthimos’ next collaboration with Element Pictures is Bugonia, starring Emma Stone and Jesse Plemons, and is due to be released in November 2025.

The number of people employed by the production company last year increased from 33 to 37.