Shed profits stable despite losing 'Wives'

Shed Productions has reported its overall turnover was up by 10% to £19.1 million for the six months to February 28.

The Footballers' Wives producer also reported pre-tax profits for the period were unchanged on 2006 at £3.1 million.

Though the company's share price remained static at 97p on the day of the results (Tuesday), it rose to 101p on Thursday morning. Before the axing of Footballers' Wives and Bad Girls last summer, Shed had a share price around 144p.

Shed chief executive Eileen Gallagher said: "We feel stronger than we have ever felt and I am really proud of the results we were able to post despite the obvious loss of Bad Girls and Footballers' Wives."

Shed has seen success with the BBC's Waterloo Road being recommissioned for a third series, and Rock Rivals and Cat Walk Dog given the go ahead by ITV.

Shed subsidiary, Ricochet, has enjoyed a "storming year", said Gallagher, particularly in the US. Supernanny was picked up by ABC for another season, and it got a prime-time ABC commission with Fat March, which follows 12 obese Americans who compete to walk across the country.

Though there was disappointment for Shed when US pilots of Footballers' Wives and hospital drama Nurses were not picked up for series' by ABC or Fox.