Pinewood profits drop to £1.7m

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The Independent Online

Pinewood Shepperton profits fell 55 per cent to £1.7m in the six months to 30 June despite major productions including Ridley Scott's new Robin Hood adventure.

The film studios said a battle between US studios and the Screen Actors Guild hit film sales, with projects caught in a logjam, although the dispute had now ended.

Pinewood, noted for films such as the James Bond series, also said economic pressures had made it more difficult to access financing and delayed the start of projects, but the UK was "still an attractive option" for international producers. The group saw overall revenues fall 6 per cent to £20.3m in the first half as TV revenues came in flat.

"Some of the more expensive kinds of TV production like high-end costume drama [have suffered]," the chief executive, Ivan Dunleavy, said.

"But the demand for television continues to grow as new channels come on screen. Pinewood continued to strengthen its post-production division in the period and said it had seen its reputation grow as a result of award-winning work on Slumdog Millionaire".