Simon Cowell did not give himself a salary after drop in profits last year

13 January 2023 , 07:24

767     0

Simon Cowell did not give himself a salary after drop in profits last year

Music mogul Simon Cowell did not give himself a single penny due to a fall in profits in 2022.

The creator of X Factor and Britain’s Got Talent, 63, saw profits of Syco Holdings Ltd drop from £31.88 million in 2021 to £2.27 million and it came at a cost as 19 members of staff lost their jobs.

Despite the slump in profits, the company's value still increased by £4m to £83.16m so you do not need to work about his financial situation just yet. In 2021, a dividend of £45.35m was paid out of the accounts proving that he could afford to go through the year without a salary.

His Syco Holdings Ltd company still increased in value despite fall in profits (Dymond/Thames/Syco/REX/Shutterstock)

Simon downsized his Syco company after citing stress of running the highly successful empire as one of the reasons affecting his health.

He still has a decision to make for the vacant seat on the Britain's Got Talent panel following David Walliams ' departure from the popular talent show.

Simon Cowell set on fire by Britain's Got Talent hopeful in terrifying stunt

Bruno Tonioli has become a last minute contender in an apparent two-horse race with comedian Alan Carr. The former Strictly Come Dancing star is now a frontrunner for the job alongside funnyman Alan, who is best friends with BGT judge Amanda Holden.

The Mirror revealed that Alan was in pole position to land the role in November.

Profits in Syco dropped from £31.88 million in 2021 to £2.27 million last year (Ken McKay/ITV/REX/Shutterstock)

Now insiders say the final decision must be made soon by show boss and head judge Simon Cowell - because filming starts at the end of this month.

One source said: "This is Simon's call and it's well known he doesn't like to be rushed when it comes to making big decisions, so it'll probably go down to the wire.

"Bruno is an old friend and he's long wanted to work with him. He is also tried and tested on Saturday nights and Simon knows that he has a huge fan base in the UK - loads of people would love to see him back on British telly.

Simon has a decision to make on who will replace David Walliams as a Britain's Got Talent judge (ITV)

"Alan has been a favourite for the job from the start - he is very funny, very experienced and much-loved. It’s a tough decision but Simon needs to get on with it."

This comes after chat show host Graham Norton turned down the opportunity to join Simon, Amanda and Alesha Dixon on the judging panel.

ITV bosses reportedly wanted Graham to replace David, who has had success with his BBC1 evening talk show, The Graham Norton Show, alongside his Virgin Radio DJ slot but the deal collapsed just weeks before auditions were set to take place at the London Palladium.

Josh Luckhurst