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Russell Crowe has been in filming Ridley Scott's new Robin Hood adventure, Jack Black has been doing the latest take on Gulliver's Travels, and Ricky Gervais and Stephen Marchant have been tweaking their 1970s homage to Reading in Cemetary Junction.
But the bottleneck in production because of the recent screenwriters' and actors' disputes in America has seen a drop off in work at the heart of Britain's film industry west of London, with the Pinewood, Shepperton and Teddington studios group today reporting a 55% slump in half-year profits.
Ivan Dunleavy, the chief executive and co-founder of listed Pinewood Shepperton alongside his chairman Michael Grade, the boss of ITV, said any recovery is dependent on when the films start rolling back in.
“We are now moving on from the Screen Actors Guild dispute and film revenues for the remainder of the year will depend as ever on the timing of new film starts,” said Dunleavy. “It is about phasing rather than any reduction in consumer demand for film.
“We do not name any particular film that may come to us but we are encouraged by the number of enquiries.”
Film revenues, which account for the bulk of Pinewood Shepperton's income, tumbled by £1.2 million, while revenues from television — suffering from the general brake on expensive, small-screen drama — fell £300,000.
With debt costs rising, that saw Pinewood Shepperton's pre-tax profits nosedive from £3.8 million to £1.7 million.
The group's interim dividend is being held at 1.05p.
Reader views (1)
The really big story with Pinewood Studios is about to burst in the next few weeks. Pinewood Shepperton's Board has spent £4 million (more than its annual profit on chasing a futile planning permission) expansion on greenbelt land in South Bucks.
Even if they got it, foreign investors from China would just then nip in because the then 300 acres of land in the most expensive part of Europe will ALWAYS be far more
economically attractive for other purposes than film manufacture. This must always gravitate to the cheapest most suitable industrial land with high local blue collar manufacturing skills. Pinewood WILL never make big profits by expanding in its present ultra expensive location. This is why media types such as Adrian Goldberg AND several MPs from all parties are in favour of relocating the truly genius plan for Pinewood's expansion to The Black Country and The West Midlands, even Longbridge. Property prices are far lower, labour costs lower but more highly skilled. Moreover, unlimited future expansion for Pinewood is then possible. Pinewood wants to build 20 sets for Venice, Paris, Chicago, Amsterdam, Rome etc to cut time and costs of international shoots. The West Midlands can house over 200 such sets as well as the new centre of training for film and TV production being truly accessible to all the UK. Hollywood Studios gained competitive advantage and market dominance by being built on the cheapest land available in The USA not Manhatton. James Bond 4 Birmingham
- Jonathan Stuart-Brown, Walsall, England, United Kingdom, 26/08/2009 16:41
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