Filming delays to hit Pinewood revenues, Bond 22 production confirmed for end of 2007

14-Jun-2007 • Quantum Of Solace

Last week, MI6 exclusively revealed that 007 would be heading back to his traditional home as the 22nd James Bond film would be based in Pinewood Studios.

But shares in film studio owner Pinewood Shepperton fell on Wednesday after they said a delay to the start of some film productions would hit group revenues for 2007 - reports Reuters.

The company said a number of films contracted to the studio would start production late in 2007 and continue into 2008, but that the bulk of starting dates would be some weeks later than previously expected.

It added that consequently film revenues for 2007 are likely to be flat year-on-year, while overall sales are expected to show only a small increase.

Shares in the firm fell as much as 7.5 percent and were down 2.5 percent at 280 pence by 11:27 a.m., valuing it at 127 million pounds.

Pinewood is best known for producing James Bond films including last year's Casino Royale, and hopes to be employed by the action franchise again for the next instalment, due to be released in November 2008.

A spokesperson for Eon Productions -- which makes the James Bond films -- told Reuters the movie was due to begin filming at the end of 2007. She had no comment on whether this was a delayed start to filming.

However, Pinewood Chief Executive Ivan Dunleavy would not confirm or deny whether James Bond was one of the parties responsible for the delays.

"We do not talk about films in the pipeline due to confidentiality agreements," he told Reuters in a telephone interview, adding that the delays were not to do with the studio.

"Large films can be heavy users of facilities ... We now have more visibility for 2008 ... there is nothing in this that is negative as far as the studio is concerned," he added.

But Dunleavy did concede that film revenues were volatile, and that the firm wanted to increase the sales contribution from TV production to match those from movies.

"That would be a target," he said. "Television is more stable -- some series are very long running ... and it's easier for us to plug TV into gaps in the schedule," he said.

Pinewood generated about half its 40.7 million pounds turnover from film in 2006, but less than a quarter from TV.

Aside from James Bond, Pinewood has also produced The Bourne Ultimatum -- the third part of the action trilogy starring Matt Damon -- and the Philip Pullman adaptation His Dark Materials.

Analysts at Investec had expected 2007 revenues to come in at 44.9 million pounds, up from 40.7 million, while Cazenove had anticipated 44.7 million pounds.