The finances of the company that looks after the commercial interests of The Beatles have continued to fall back following a spike in 2021 when the Get Back documentary was released.
Apple Corps, which was originally founded by the band in 1968, is now owned by Sir Paul McCartney, Ringo Star, Yoko Ono and the family of George Harrison.
The London-based business experienced a hike in its performance in the 12 months to 31 January, 2022, after Peter Jackson’s cut of the Get Back documentary was released on Disney+.
In that financial year, Apple Corps’ turnover, which included a share of a joint venture, rose from £23.3m to £66.2m while its pre-tax profit surged from £2.8m to £11.7m.
In the following year its turnover dropped to £47.2m and its pre-tax profit fell to £7.4m.
Now in newly-filed accounts with Companies House for its latest year, the 12 months to 31 January, 2024, the firm’s turnover dropped to £45.8m and its pre-tax profit declined to £6.6m.
Without taking into account the contribution from the joint venture, Apple Corps’ group turnover totalled £19.5m in 2021, £58.3m in 2022, £27.2m in 2023 and £26.6m in 2024.
The Beatles’ Apple Corps ‘remains strong’
In a statement signed off by the board, Apple Corps said: “The group continues to exploit audio, visual and ancillary activities mainly relating to The Beatles.
“The impact of different releases in 2024 compared to 2023, exchange rate fluctuations and a non-recurring reduction of an expense in 2023 result in turnover decreasing.
“The turnover and results of the joint venture were similar to the previous year.
“The live theatrical show operated in the US by the joint venture closed on 7 July, 2024, and this will impact the results of the group in subsequent years.”
Apple Corps reduced its dividend for the year from £16.6m to £2m.
The company added that its financial position “remains strong with no debt”.
