Sales company says loss will be smaller
LONDON — International film sales and financing group Intandem has forecast a drop in revenue for the year ending June 30, 2010.
The outfit, which is listed on London’s Alternative Investment Market, issued the trading update ahead of its scheduled release in November 2010.
But despite the revenue fall, Intandem said that it expects to show a reduction of losses year-on-year.
Trading for the current financial year started well for the outfit with sales concluded for U.K. distribution for two pics: Nick Moran’s “The Kid” went to Revolver Entertainment at Cannes this year while Aussie drama “Beneath Hill 60” was picked up by Momentum Pictures pre-Cannes. Both pics are skedded for a September DVD release in Blighty.
The group added Kevin Spacey starrer “Telstar,” also helmed by Moran, to its international sales slate this year and is currently finalizing domestic distribution for the pic. This stays in line with its strategy to secure worldwide sales rights for pics in the $10 million – $25 million budget range.
CEO Gary Smith said “Telstar” was a welcome addition to its library of pics, which now stands at 30.
“We have various other projects in the pipeline and, despite negotiations often taking longer than expected, we are pleased that a number of these projects are nearing completion,” he said.