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Article: Writers strike dents Pinewood profits.(Pinewood Shepperton Studios)(Brief article)
- Article from:
- Daily Variety
- Article date:
- April 4, 2008
- Author:
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Production delays and cancellations stemming from the long-running U.S. writers' strike have hit profits at leading U.K. studios group Pinewood Shepperton.
Net revenues for the year ending Dec. 31 were down 14.7% on 2006 to 37.4 million [pounds sterling] ($68.9 million). Operating profits slid 29.5% to $14.1 million. "Delays to production starts and the Writers Guild of America strike, now resolved, impacted film revenues significantly" said chairman Michael Grade. "Volatility in film revenues can only be countered by growing our non-film revenues, in particular in television and property."
TV revs did show improvement in 2007, up 2.5% to $24 million. ...