Netflix Studios U.K. Posts $114 Million Revenue, 31% Increase Year-on-Year

Netflix Studios U.K., the streamer’s U.K.-based production and content arm responsible for shows including “Bridgerton” and “Sex Education,” has posted £103.2 million ($114 million) worth of revenue for the year ending Dec. 31, 2021.

The figure represents an increase of 31% on the previous year, ending Dec. 31, 2020, when revenue was at £78.8 million ($81 million).

The revenues are entirely comprised of services rendered to the studio’s parent, Netflix Inc. The financial report, which was filed on Friday at company registrar Companies House in London, put the increase in revenue down to an “increase in use of studio space during the year.”

In real terms, however, profits for the company were down in 2021 to £11.9 million from £15.1 million in 2020. Post tax those figures came down further, to £2.3 million (compared to £5.8 million the previous year).

This was partly due to a 32% increase in the company’s general and administrative expenses, which hit £96.4 million in 2021, up from £73.1 million in 2020. Of that sum, £20.5 million accounted for employee expenses, with headcount increasing from 160 in 2020 to 225 in 2021.

The employee breakdown shows 140 working in content and development, 10 in marketing, public relations and business developmen and 75 in general and administrative roles.

Netflix Studios U.K. also paid more for leases last year, spending a total of £3.3 million on studio space.

Over the past year Netflix has aggressively pursued increasingly scarce studio space in the U.K., inking deals with Pinewood-owned Shepperton Studios and Longcross Studios for leases as well as expansions.

The financial report also noted “There are no identified material adverse impact to the Company resulting from the COVID019 pandemic, climate risks or the impact of Brexit.”

Netflix’s U.K. operation also filed accounts for its distribution arm, showing revenues of £1.4 billion, up by 1630% from the previous year.