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Article: Pinewood profits reel; turnaround seen.(Pinewood Shepperton Studios Ltd.)(Brief article)
- Article from:
- Daily Variety
- Article date:
- March 29, 2006
- Author:
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Profits at the U.K.'s Pinewood Shepperton, Europe's largest studio group, slumped 91% from 4.6 million [pounds sterling] ($8 million) in 2004 to just $683,000 last year as uncertainties over tax incentives hit U.K.-based film production.
Revenues slipped 13% to $58.3 million from $67.6 million in 2004.
But Pinewood toppers reported Tuesday that an upswing had recently begun, and they are hoping the transition to the new film tax regulations will mean a comeback this year.
"Trading conditions, particularly for the first half of 2005, were challenging," said Pinewood Shepperton chairman Michael Grade in a statement.
Pinewood's revenues ...