James Bond remains in picture as Pinewood turns focus on TV

Pinewood Shepperton, the film studios owner, has revealed plans to increase the group’s television revenues significantly and, in the process, reduce its exposure to the volatility of the film industry - reports The Times.

Pinewood Shepperton - whose films over the years have included the Carry On and James Bond franchises - has, over three years, built a television studios business that already accounts for 30 per cent of its total revenues. Ivan Dunleavy, the chief executive, said that this could increase to 50 per cent in the next couple of years.

The company, chaired by Michael Grade, the executive chairman of ITV, said yesterday that film revenues for the current year could fall below 2006 levels because of delays to the shooting schedules of two big-budget films. Mr Dunleavy refused to name the films, although sources emphasised that work had started already on the next Bond film.

The group’s shares yesterday fell by 1½p to 253½p.

Mr Dunleavy confirmed that the group was interested in buying BBC Resources, the television production unit that the broadcaster put up for sale last month.

Television shows filmed at Pinewood studios include The Weakest Link, My Family and Dead Ringers. Mr Dunleavy hinted that reality television shows could be added to this list soon. The group has planning permission for 1.8 million sq ft of studio space, which it aims to build in the next eight to ten years. Mr Dunleavy said that he would be marketing the studios to television production companies and may look to the stock market to fund future expansion plans.

“Television as a market is bigger than film in the UK,” Mr Dunleavy said. He added that film has much more volatile start dates than television.

Despite a fall in revenues in the six months to the end of June from £18.7 million to £18.3 million, the group recorded a 39 per cent rise in pretax profits to £2.9 million.

The up-and-down nature of the film industry has proved a drag on the company’s share price. A disappointing trading statement in June revealed that several productions due to begin filming this year would not get under way until 2008, after the end of Pinewood’s financial year. Last year, the group was more positive about film. It said that the return of blockbusters such as Casino Royale had helped to boost performance during 2006.

The group, which also saw its studios used in the making of Atonement, Children of Men and United 93, said that the new film tax credit announced in last year’s Budget had led to increased confidence in British film production.

Just after work on Casino Royale had finished last July, the specially built 007 stage was wrecked by fire. It was rebuilt and opened for business early this year.

The Bond movies are produced by EON Productions, Metro-Goldwyn-Mayer and Sony Pictures Entertainment, the media unit of Sony Corporation, the Japanese electronics maker.

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