Musicals make Really Useful profit

THE return of American tourists to London's West End theatres and the continuing popularity of Lord Lloyd-Webber's musicals helped his group post a healthy set of results last week.

The Really Useful theatre company saw a jump in pre-tax profits from £1.2 million to £4.4 million in the year ending June 30, 2003, even though turnover had remained almost static at £99 million.

The company, wholly owned by Lloyd-Webber, holds the rights to many hit plays and musicals, including Cats, Starlight Express, Phantom Of The Opera, Joseph And The Amazing Technicolor Dreamcoat, Aspects Of Love, Jesus Christ Superstar and its most recent hit, Bombay Dreams.

It is also in a joint venture with Stoll Moss theatre company, which owns many prime London theatre sites. Lloyd-Webber was paid only £59,000 last year, but took home £6.4 million in royalties. The company's highest paid director, chief executive William Taylor, received £565,000.