PWS.L Regulatory News (PWS)

22 Oct 2009 07:00



Pinewood Shepperton plc

Interim Management Statement 

Pinewood Shepperton plc (the "Company"), the leading European provider of studio and related services to the worldwide film and television industry, today issues its Interim Management Statement for the period 01 July 2009 to 21 October 2009.

Revenue Performance 

Trading for the period is in line with the statement made on 25 August 2009 at the time of the Company's interim results announcement and revenues for the period from 01 July 2009 to 21 October 2009 remain below the comparable period for 2008.

Film 

Overall demand for film remains strong, but wider economic pressure has tightened the access to film financing which means producers are taking longer to commence productions. 

Television 

Television revenues remain resilient despite reductions in UK broadcaster investment. The Company is well placed to offer cost effective production solutions in response to increasing pressure on production budgets. 

Media Park 

Media Park facilities enjoy high occupancy levels and revenue performance has shown modest growth to date.  

Project Pinewood

On 01 June 2009, following extensive public consultation, the Company submitted its planning application to South Bucks District Council ("SBDC") for Project Pinewood, a long term scheme of national significance to expand Pinewood Studios and create a living and working community for the creative industries.

At a meeting of SBDC on 21 October 2009, the planning application was refused, as anticipated. The Company remains committed to Project Pinewood and will now review with SBDC the grounds for refusal prior to any request for a decision to be taken at national level. 

A website containing further details and visual images of the scheme is available at www.projectpinewood.com

Financial

The Board has continued its reorganisation programme which will lead to an Exceptional charge of approximately £425k in the second half, making a total of approximately £500k for the full year. The estimated cost savings are £500k per annum from 2010. 

Outlook 

Trading to date is in line with market expectations. The outturn for full year revenues will, as ever, be dependent on the timing of new production starts in the final two months of the year.

The Company is mindful of the challenging economic conditions but considers its strategy to be well founded and views its prospects with continued confidence.