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5 Jun 2009 07:00
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Pinewood Shepperton plc
Interim Management Statement
PinewoodΒ Shepperton plc (theΒ "Company"), the leading European provider of studio and related services to the worldwide film and television industry, today issues its Interim ManagementΒ Statement, for the period 1Β January 2009 to 4 June 2009.
Revenue Performance
Trading for the period is in line with the statement made on the 24 March 2009 at the time of the Company's preliminary results announcement for the year to 31Β December 2008.
As expected, revenue performance for the periodΒ from 1 January 2009 to 4Β June 2009 is below the comparable period for last year.
Film
Film revenuesΒ will be weighted to the second half of 2009.
TheΒ result of theΒ ballot on proposals for the resolution of negotiations between the US studios and the Screen Actors Guild ("SAG") for a new contract through to 30 June 2011Β is expected on 9 June 2009. The National Board of Directors of SAG has recommended to its members to accept the new contract. Industry commentators anticipate agreement being reached,Β which will further enable US film producers to plan for production with more certainty.
Television
Despite the cuts in UK broadcasters'Β programme investment, the Company continues to experience consistent demand for its television services and is well placed to offer cost effective production solutions in response to increasing pressure on production budgets.Β
Media Park
Media Park revenue performance has remained consistent.Β
Project Pinewood
A planning application for Project Pinewood, a livingΒ and workingΒ community for the creative industry, was submitted to South Bucks District Council on 1Β June 2009. Further details are available at www.projectpinewood.com
Β
Outlook
Anticipated revenues for 2009 are in line with market expectations,Β with film revenues weighted to the second half. The CompanyΒ continues to monitor its cost base in the context of the current economic climate. The Board considers the Company to be well placed and views the Company's prospects with confidence.
Financial Calendar
In line with the revised reporting requirements the next event in the Company's financial calendar is:
Annual General Meeting, 22 June 2009
For further information, please contact:
Β
Pinewood Shepperton plc
Ivan Dunleavy - Chief Executive 01753 656 183
Brunswick Group LLP
James Olley / Oliver Hughes 020 7404 5959
www.pinewoodgroup.com
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