PWS.L Regulatory News (PWS)

13 Jun 2007 07:02

Pinewood Shepperton plc13 June 2007 13th June 2007 Pinewood Shepperton plc - Trading Update In its preliminary results announcement dated 27 March 2007, the Board ofPinewood Shepperton plc ("the Company") set out its expectation for revenues forthe year ended 31st December 2007. We said that a number of major film projectswould commit to production later in the year and as a result Film revenues wouldbe weighted to the second half. A number of significant film productions have recently been contracted tocommence production late in 2007 and continue into 2008. However the bulk ofthese major productions will commence filming some weeks later than previouslyexpected. As a consequence, the level of film business already contracted forthe first half of 2008 is much greater than would be usual at this time. Howeveras a result of this timing delay, reported Film revenues for 2007 are likely tobe flat year-on-year. Overall group revenues are expected to show only a smallyear-on-year increase. As anticipated, growth in our television revenues is expected to come through inthe second half. The Company's property projects and recent joint venture atShepperton Studios are maintaining good progress. Operating performance for the first half is expected to be in line with lastyear as anticipated and earnings performance will reflect the benefit of theimproved gearing in the business compared to 2006. Commenting on this announcement, Ivan Dunleavy, CEO of Pinewood Shepperton said: "The timing of film production is always a major variable for our film servicesbusiness and our current outlook for the second half reflects this. I ampleased to say that as expected we have a number of major productions which arealready contracted to use the studios in the latter part of this year. Withmore than six months to go our forward contracted position for the first half of2008 in film is particularly strong. Our strategy to diversify our business awayfrom more volatile film revenues continues to show positive benefits." Enquiries Pinewood Shepperton plcIvan Dunleavy - Chief Executive 01753 656 183 Brunswick Group LLPTom Buchanan /James Olley 020 7404 5959 Notes to Editors The Pinewood Shepperton plc is the leading European provider of studio andrelated services to the film and television industries with facilities acrossthree studio sites at Pinewood, Shepperton and Teddington. The sites encompass 35 stages, 9 digital television studios, 11 post productiontheatres, production offices, workshops, an outdoor paddock tank, an underwaterfilming stage and four backlots for set building. Accommodation is provided toover 250 businesses which benefit from being located 'on the lot' at Pinewood,Shepperton and Teddington Studios. Website: www.pinewoodgroup.com This information is provided by RNS The company news service from the London Stock Exchange