Simon Cowell's finances have not been immune to the economic devastation of coronavirus.

The music mogul, 61, saw profits for his TV company SimCo Ltd take a massive hit in the last 12 months.

It is reported by The Sun that the business made £34.6million in profits in 2019 but in 2020 the figure was significantly lower at £5.8million.

As a result o the plunging number Simon did not pay himself, documents filed at Companies House for the business and seen by the outlet confirm.

The papers state that the father of one and talent judges company gathered £17.7million in the last 12 months, the year before the figure was at a hefty £65.5million.

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Sharing on the hotshot's thoughts on 2020 and his business, a source told the publication: "Everyone in the TV industry has been hit by the pandemic and Simon’s company has taken a ­considerable battering.

“With The X Factor rested and BGT plagued by issues, it’s been a slow year.

“Simon is a savvy businessman, however, and he’s no doubt going to be back on top over the next 12 months.”

Over the summer of 2020, Simon missed snapping his spin chord by 'centimetres' after he fell from his electric bike when testing it out at his Malibu home.

Simon Cowell

Simon needed six hours of emergency surgery and also had a rod inserted into his back to aid his recovery.

As a result of the dramatic accident, Simon was forced to cancel all of his television appearances and was even forced to pull out of The Britain's Got Talent finals.

Simon was replaced with Ashley Banjo on the ITV show, with the Diversity dancer proving to be a huge hit with viewers.

FILE - AUGUST 08: Television personality Simon Cowell reportedly broke his back while testing an electric bicycle at his home in Malibu on Saturday, according to multiple reports. He is said to be doing fine. PASADENA, CALIFORNIA - MARCH 04: Simon Cowell attends the "America's Got Talent" Season 15 Kickoff at Pasadena Civic Auditorium on March 04, 2020 in Pasadena, California. (Photo by Amy Sussman/Getty Images)

Although Simon has faced months of recovery, the music magnate has gone from strength to strength as we near the end of the year.

To celebrate Christmas and New Year in style, Simon and his girlfriend Lauren Silverman jetted out to Barbados with their son Eric, six.

During the lavish breach break, Simon unveiled a huge scar down his spine that was left after he underwent the emergency surgery after his horrific bike acciddent.