Writers’ strike hits Pinewood

Company's net revenues fall 14.7%

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 ($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. The company attributed this to a high level of TV business in the past six months, partly driven by new clients. The big hit for Pinewood Shepperton came in the fourth quarter when Columbia Pictures’ Tom Hanks starrer “Angels & Demons,” the prequel to “The Da Vinci Code,” cancelled in November. As predicted at the time, that hit ancillary film revenues by $6 million.

Also in November, Pinewood Shepperton unveiled Project Pinewood, an ambitious scheme to double the size of the historic studios and create a live-work environment. An application for permits is planned for late 2008.

This year is going better according to the operating review, with trading to date ahead of the equivalent period last year. Upcoming Bond film “Quantum of Solace” and Universal’s “The Wolfman” have used the studios this year.

Looking to the future, Grade said: “Despite the challenges emerging in the global economy, the markets in which we operate are historically resilient in times of a consumer downturn.”

More Film

  • China Box Office: 'Dying' Holds off

    China Box Office: 'Dying to Survive' Scores $69 Million, Holds Off 'Hidden Man'

    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 ($68.9 million).Operating profits slid 29.5% to $14.1 million. “Delays to production starts and the Writers Guild of America […]

  • Elsie Fisher appears in I Think

    'Eighth Grade' Rules Indie Box Office With Top Screen Average of 2018

    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 ($68.9 million).Operating profits slid 29.5% to $14.1 million. “Delays to production starts and the Writers Guild of America […]

  • International Box Office: 'Hotel Transylvania 3'

    'Hotel Transylvania 3' Climbs Past 'Skyscraper' at International Box Office

    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 ($68.9 million).Operating profits slid 29.5% to $14.1 million. “Delays to production starts and the Writers Guild of America […]

  • Box Office: 'Skyscraper' Underperforms; 'Hotel Transylvania

    Box Office: 'Skyscraper' Gets Rocky Start as 'Hotel Transylvania 3' Checks In at No. 1

    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 ($68.9 million).Operating profits slid 29.5% to $14.1 million. “Delays to production starts and the Writers Guild of America […]

  • Mitzi Gaynor and Nancy Sinatra Sr.

    Nancy Sinatra Sr., Frank Sinatra's First Wife, Dies at 101

    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 ($68.9 million).Operating profits slid 29.5% to $14.1 million. “Delays to production starts and the Writers Guild of America […]

  • No Merchandising. Editorial Use Only. No

    'There's Something About Mary' at 20: Cameron Diaz, the Farrelly Brothers on 'Hair Gel' Scene and Other Raunchy Gags

    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 ($68.9 million).Operating profits slid 29.5% to $14.1 million. “Delays to production starts and the Writers Guild of America […]

More From Our Brands

Access exclusive content