Pinewood says trading challenging

Pinewood Shepperton, the film studio traditionally home to the James Bond and Harry Potter franchises, said today that trading remains challenging.

Chairman Michael Grade said at the AGM, “trading conditions for film stage services remain challenging against the backdrop of UK film fiscal policy that is under review and unfavourable US dollar exchange rates.”

The group said provisional bookings of film stages have considerably improved in the second half from the first six months, reflecting US production demand - reports ShareCast.

Pinewood added that achieving market estimates for the full year will depend on the conversion of a number of provisional bookings into firm contracts for the autumn, including at least one major 'blockbuster' movie.

The film studio group slumped in March after it said first half sales would be substantially less than last year citing uncertainty over tax breaks and followed up two weeks later with another sales warning.

The group said problems with its 'The Watchmen' film was to blame after Paramount Pictures decided to re-evaluate the project.

Another blow came to the group when news broke that the latest James Bond film "Casino Royale" would be ditching Pinewood in favour of Prague-based production.

Thanks to `JP` for the alert.

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