Pinewood looks to James Bond for solace

Pinewood Shepperton is eagerly awaiting the release of the latest James Bond film, along with legions of fans, after finding just a quantum of solace in its annual results - reports The Telegraph.

Movie revenues at the British film and television studios took a £3m hit from last year's Writers Guild of America strike, which delayed work on the blockbuster prequel to The Da Vinci Code.

Although the latest 007 film began shooting toward the end of last year, it has run into 2008, and Pinewood's turnover will now only benefit in the current financial year.

Due to be released on October 31 and called Quantum of Solace, the film tells the story of Bond's attempt to seek revenge on the villain who murdered his lover at the end of Casino Royale, the last Bond flick.

Overall, pre-tax profits at Pinewood Shpperton fell to £5.28m last year from £7.16m in 2006, as film revenues slipped to £22.5m.

Pinewood said that the continued weakness of the dollar, coupled with the Writers' strike, saw investment in film production fall from £855m to £723m - or from 135 films to 112 films.

Although the settlement of the Writers' strike is being seen as a sign that the potential Screen Actors Guild dispute may be averted, the company pointed out that negotiations have yet to begin.

Michael Grade, chairman of Pinewood, said today: "This volatility in film revenues can only be countered by growing our non film revenues, in particular in television and property."

To that end, the group is continuing with its long-term strategy of diversifying into the television arena - despite losing the bid for BBC Resources.

Put up for sale in August, Pinewood spent months trying to secure a purchase of the BBC division - which comprises an outside broadcast division which sends trucks to film major live events, a few television studios and a post-production unit.

However, early last month the BBC pulled its sale plans leaving Pinewood with costs of almost £1m.

However, the group reported a rise in television revenues, from £11.8m in 2006 to £12.1m. Pinewood, which hosts a number of TV productions including the Weakest Link and My Family, said the level of TV bookings and enquiries in the first few months of this year indicate stronger demand year-on-year.

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