Chorion shares crash 25% as Poirot loses his television appeal

Chorion has been hit by a reluctance of television companies to commission new films based around Hercule Poirot, the fictional detective which is one of the company's main intellectual properties.

The news sent shares in the company crashing 25 per cent to 3.75p. Chorion was demerged from its nightclub assets in May this year, to become a pure intellectual property group, but its shares have steadily lost value even before yesterday's collapse.

Chorion, which reported interim results, said there was better news on its other famous character – Noddy, the children's favourite, which has been relaunched and has just begun to be screened on Channel 5 in a 100-episode animated series.

The company warned that no new sales of television films of Poirot, the Belgian sleuth invented in the novels of Agatha Christie, can be expected this year.

Nick Tamblyn, the executive chairman, said: "We are planning for the television market to remain challenging for the rest of the year. Most of our co-production income from Agatha Christie is traditionally generated in the second half and this will be deferred this year.

"Whilst a good deal of this income is being replaced through new initiatives and through the development of new revenue streams, it seems likely that there will be a small shortfall at the year-end against earlier expectations."

The company added however that appetite for further co-production work with the Poirot brand remained "strong". It said anticipated 2003 income looked, at this time, to be "more secure". Chorion said that it had an indication from ITV that it wishes to commission a non-Poirot Agatha Christie film, Sparkling Cyanide, for delivery in May 2003.

For the six months to 30 June, pre-tax profit was up 46 per cent at £1.2m as turnover grew 14 per cent to £4.1m.