Simon Cowell’s TV company has reported that its profits are down by nearly £30million.
According to The Sun, accounts for SimCo Ltd show profits fell from £34.6million in 2019 to £5.8million in 2020.
It comes after filming on Britain’s Got Talent was suspended due to the pandemic and The X Factor pushed back until 2022.
Documents filed at Companies House for SimCo Lt revealed the company accrued £17.7million in 2020, which is down from £65.5million the year before.
An insider said: ‘Everyone in the TV industry has been hit by the pandemic and Simon’s company has taken a considerable battering.
‘With The X Factor rested and BGT plagued by issues, it’s been a slow year. Simon is a savvy businessman, however, and he’s no doubt going to be back on top over the next 12 months.’
The 2021 series of Britain’s Got Talent was recently postponed due to the coronavirus pandemic. The third lockdown in England, which is set to last until mid-February at the very earliest, has meant filming for the next series is unable to go ahead as planned.
Simon was also absent from the judging panel for the live shows during the previously series in 2020, after breaking his back and staying at home in the USA to recover.
Ashley Banjo filled in for Simon, alongside Amanda Holden, David Walliams and Alesha Dixon.
Meanwhile, it was reported at the end of last year that Simon is on his way back to full health and walking more than 10,000 steps a day.