PINEWOOD STUDIOS TAKES A TUMBLE
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[ June 21st 2005 ]

Pinewood Shepperton has shed 20 per cent from its market share price after the company issued a profit warning to investors. In April 2005, the studio registered a loss after Paramount's $120m superhero thriller Watchmen abandoned plans to shoot at Pinewood, Screen Daily reports this morning.

The company said it expects interim operating profits to be a little below market estimates at 2m. "It is proving more difficult to achieve the level of conversion needed to meet market expectations for the full year ended 31 December, 2005 and the Board now considers these are unlikely to be met," the company said in a statement.

Pinewood Shepperton has housed many big-budget blockbusters, including Lara Croft Tomb Raider and MGM's James Bond series. The company recently acquired Teddington Studios to bolster its portfolio as the Europe's leading production platform.

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