Simon Cowell's TV company's profits down by nearly £30MILLION after a disastrous 2020

SIMON Cowell’s TV company has reported that profits are down by nearly £30million.

It is another setback for the pop mogul who broke his back in a fall from an electric bike in August.

Simon, 61, has felt the pinch during the pandemic with the new series of Britain’s Got Talent suspended indefinitely and X Factor cancelled until 2022.

New accounts for SimCo Ltd show profits slumped from £34.6million in 2019 to £5.8million in the last 12 months. 

Documents filed at Companies House for the business — which handles earnings from the two telly franchises — also show Simon did not pay himself a wage due to the financial slump.

The paperwork revealed the TV and music ­producer’s company accrued £17.7million last year — 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.”

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