Pinewood Profits Drop: James Bond In Catch 22
THE famous Pinewood Shepperton studios, birthplace of such classic films as The Red Shoes, The Ipcress File, Casino Royale and, erm, Basic Instinct 2, has been warned that delays to a number of major productions will seriously affect profits this year.
Cazenove, the house broker, lowered its pre-tax profit forecast for the film studios by a significant 13 per cent and now expects profits for 2007 to reach £8.5million, over £1million short of its previous target of £9.7million.
Pinewood chief executive, Ivan Dunleavy, is disappointed with the figures but blames delays to a number of projects.
Says he, “It is a setback, but it’s a timing shift and nothing more than that. As we have said in the past, it’s difficult to predict when particular productions will commence production. We have contracted a number of productions, they will start slightly later in 2007 than expected but they will be staying slightly longer in 2008.”
Ever since Pinewood was floated on the stock market three years ago under chairman Michael Grade, the company has been plagued by financial difficulties. However, Mr Dunleavy is optimistic about the future, pointing to Pinewood’s fast-growing television business.
Upcoming productions include the next James Bond blockbuster, with the working title Bond 22.
Posted: 13th, June 2007 | In: Money Comment | TrackBack | Permalink
