Cameron Mackintosh reports dip in profits

"the average number of staff across the year grew from 1,074 to 1,136. While total staff costs rose from £62m to £76m, the company said it was maintaining margins, which may have been helped by ticket price increases."


Hiring more staff and paying them more.

This makes sense since Phantom’s last year on Broadway (2022-2023) was $$$.

Although it has a few interesting tidbits, this story is really a nothing burger. A 5% drop in profits (note please that it is profits and not revenue that is being reported in this article) is immaterial unless you are surviving on fumes (which, as noted above, he is not). Differences of that scale can have many reasons but I suspect that it is a function of exchange rates, interest rates, or something else that has to do with accounting and nothing to do with producing per se.